A bearish pattern that could halve the price of Paligan!

The price of Paligan is 40% away from the high of $ 2.92, which was recorded on December 27 (December 6). Now, if the bearish pattern on the chart of this digital currency were to work properly, گان it is likely that Paligan would lose 50% of its value.

To Report Kevin Telegraph, گان Paligan’s recent turnaround that changed the market from bullish to bullish ‌, was followed by a bullish move, which led to what analysts call the “cup and reverse handle”. This pattern consists of a large semicircle or crescent-shaped section (cup) that is accompanied by a limited upward return (handle) as shown below.

If the pattern of the cup and handle is perfect, we should expect a further drop in the price of Paligan. Completing this pattern can lower the price by as much as the distance between the ceiling and the bottom of the cup after the handle support is broken.

As a result, if the Polygon price candle falls outside the range intended as a category, a decrease in price with an increase in trading volume could bring Polygon closer to $ 0.86; A level that is almost 50% lower than current prices.

Ascending scenario for Paligan

Paligan’s all-time bearish outlook at the outset شده The digital currency market has been undergoing a major overhaul since the beginning of 2022.

Bitcoin and Atrium have lost 11 and 22 percent of their value since the beginning of the year, respectively, and falling prices have caused other digital currencies to fluctuate similarly; From $ 2.190 trillion at the beginning of the new year to $ 1.878 trillion.

Paligan’s market value has fallen from $ 18.10 billion to $ 12.96 billion since the beginning of 2022. The price of this digital currency has dropped by 30% to $ 1.70. Despite all this, the intersection of price support has kept traders hopeful of Paligan growing again.

The support we were talking about is the 200-day moving average (EMA) and the uptrend line in the chart below, which have so far prevented a sharp fall in the price of this digital currency for several months.

The Paligan market is now once again testing these support levels, and if buyers support the price at this level, ‌ should expect a bullish return. With the start of this uptrend, the price candle will face a close resistance, which can be seen in the form of a downtrend line on the chart above.

Therefore, we can only hope for the general situation of the Paligan market to rise if we see a steady upward return; It means increasing the price and volume of transactions at the same time.

Otherwise, the inverted cup and handle pattern is more likely to form; The downtrend, according to digital currency analyst Tom Bulkowski, has a 62% chance of success.

Also read: What is Polygon? Shopping tutorials and wallets + video

The status of intra-chain data is still bullish

MATIC digital currency (MATIC), whose price chart status we reviewed earlier, ‌ is in fact the main token of the Paligan network, which is used for various activities such as stocking and payment of transaction fees. Paligan users have chosen this network because of its ability to process Atrium transactions faster and cheaper.

That is why the average number of daily active addresses of Paligan has increased from 759 to 300,000 since the beginning of 2021.

Analysts at Panther Research believe that the average growth in the number of daily active addresses on the Paligan Network is an upward signal for the price of this digital currency. Their reference to such an argument is the correlation between price increases and the average growth in the number of daily active Atrium network addresses.

Panther Research analysts say:

Given that the growth of Atrium network acceptance is also affecting Polygon, and of course taking into account the fact that the Sidechain based on Polygon stock is constantly evolving and more scalable solutions are being developed for first-tier networks, گان It seems reasonable to expect the price of Metic tokens to increase in the future.