- At press time, POL ($0.11) seemed to be trading within a broader bullish structure, despite some market pressure
- Hike in selling activity has heightened bearish momentum, with a potential for further declines
Over the past week, POL has dropped by 18.90% on the charts, with bearish sentiment dominating the market. In the last 24 hours alone, the asset recorded a 1.15% decline, further solidifying the bears’ grip on the market.
An analysis by AMBCrypto revealed that POL’s prevailing downtrend may be far from over though. Especially with the asset poised for deeper losses in the near term.
Can a bullish pattern reverse POL’s downtrend?
At the time of writing, POL was trading within a descending channel – A pattern characterized by price fluctuations between two key levels: Support and resistance.
The price seemed to be testing a support level at 0.4731, situated in the mid-range of the channel, with a further support at 0.4583 below it.
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