Polymesh price targets 25% rally following support retest
|- Polymesh price broke out of the range between $0.498 and $0.315.
- Investors can accumulate POLYX within the support range of $0.428 to $0.448.
- A daily candlestick close below $0.399 would invalidate the bullish thesis.
Polymesh (POLYX) price breached the resistance level at $0.498, signaling a bullish outlook.
This upward movement might prompt a retracement, presenting an opportunity for sideline buyers to accumulate before a potential further increase.
Polymesh price looks promising
Polymesh price daily candlestick closed above $0.498 on Monday, surpassing its previous resistance level, which could trigger a pullback.
Sideline buyers interested in accumulating POLYX may consider the following levels.
- The 38.20% Fibonacci retracement level at $0.448 that aligns closely with the ascending trendline.
- The 50-day Exponential Moving Average (EMA) line at $0.428, which roughly coincides with the daily bullish order block area extending between $0.448 and $0.428 from June 8. A bullish order block is an area where market participants, such as institutional traders, have placed huge buy orders.
If Polymesh price rebounds from the $0.448 level, it could rally 25% to its previous daily close of $0.555 on April 8. This bounce is supported by indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO), both comfortably above their respective mean levels of 50 and 0. These momentum indicators strongly indicate bullish dominance.
POLYX/USDT 1-day chart
However, if the POLYX daily candlestick closes below $0.399 and establishes a lower low on the daily timeframe, it may signal a shift in market dynamics that favors bearish sentiment.
Such a change could nullify the bullish outlook, leading to a 21% crash in the Polymesh price to the previous support level of $0.314.
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