Crypto Express

07/10 15:16

POL : No light at the end of the tunnel?

The POL/ETH chart, which tracks fund flows between the two tokens, revealed that POL attracted more capital during its price rally.

Interestingly, this northbound move coincided with a breakout from a descending channel – A typically bullish pattern. In previous instances, POL has rallied to the top of this pattern near $0.0000969 on the charts. 

However, the Fibonacci retracement levels highlighted multiple resistance zones that could hinder further gains. A key resistance lay at $0.0000775 – A level that POL must overcome to maintain its upside on the charts.

Previously, the price action at this Fibonacci level has resulted in a sharp rejection, dragging POL/ETH to its recent low towards the end of June.

A similar rejection could lead to range-bound trading between $0.0000775 as resistance and $0.0000705 as support.

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