Polygon’s Problems Are Deepening as These Flash Products Are Oversold. What’s Next
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- Polygon’s RSI has reached oversold levels after falling to 23 amid intense selling pressure.
- 91% of Polygon wallet holders were in losses at press time, indicating a bearish market sentiment.
Polygon [POL]
is currently facing significant challenges as it experiences a sharp decline, having dropped 12% in the past 24 hours to $0.457. In tandem with this price drop, trading volumes surged by 33%, reaching $248 million according to
CoinMarketCap
.
The situation for Polygon hasn’t improved over the past month, with its price down approximately 33%, reflecting ongoing bearish trends.
This environment has influenced wallet profitability negatively; now, an alarming 91% of wallets are showing losses.
The high percentage of losing wallets contributes to negative market sentiment that often precipitates further declines in prices. Additionally, these conditions may compel holders to sell off their holdings in an attempt to mitigate losses leading to increased selling pressure.
In light of these persistent bearish conditions, many are left wondering if there are indicators pointing towards recovery and whether the current trend could be reversed?
RSI indicates Polygon is oversold
The Relative Strength Index (RSI) for Polygon on its four-hour chart suggests that the token is currently in an oversold state. This technical indicator plummeted down to a reading of 23 which marks its lowest point since mid-December.
A typical outcome following an oversold RSI reading is often an upward correction on the horizon. Historical patterns show that POL tends to experience rallies when RSI hits these low levels; hence it might only be a moment before we see potential recovery movements for this altcoin.
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