Polygon has seen a roller coaster ride since its inception. The cryptocurrency jumped, only to see the move fizzle out. Reaching a double top at the $2.8 area twice, the market formed a double top pattern that could not break the horizontal resistance area. This created a bearish picture, forming a descending triangle with a measured move that sent the market to a low of $0.4.
2023 saw a rally at the start of the year, with Polygon rising above $1.4. Unfortunately, these gains have since been erased. While Bitcoin still holds on to most of its 2023 gains, Polygon investors are left in a difficult position.
In order to break the bearish bias, the market needs to break the bearish trendline and the series of lower highs seen on the chart. It must also trade above parity with the dollar, as this is a pivotal level for further advances.
Given the current position, Polygon investors need to remain vigilant and keep an eye on any move higher. Only then will the bearish bias be erased.