Market Analysis

Polymath (POLY) Technical Analysis: Survives Bear Market with Netcoins Partnership Announcement

from Crypto Vest 5 years ago 0 0 699

Polymath escapes the red market today unscathed, banking a healthy 7.85% gain against BTC off the back of the project’s new partnership with Netcoins, announced yesterday. This strategic deal will provide Polymath token issuers with increased liquidity and the ability to cash out security token investments into fiat, using Netcoin’s sophisticated OTC crypto trading desk.

“Netcoins will provide top-quality OTC trading services to Polymath issuers which is huge for us…Many issuers want the ability to convert some or all of the cryptocurrency they raise to fiat, and we are pleased to provide issuers a direct line to Netcoins.” Trevor Koverko, Polymath CEO.

Diving into the 4hr POLY/BTC chart, we can see that Polymath was tracking nicely inside a rising wedge pattern since early September and recently consolidated inside a smaller bullish ascending triangle (yellow) at the 0.618 Fibonacci level (2,927 Sats) before breaking out bullish.

During the opening breakout, bulls were able to drive POLY over the 0.786 fib level at 3,179 Sats before correcting back to it and finding support. In the last 4hrs, bulls were able to collect at this level and begin a second impulse leg, which is now heading strongly towards the 1.0 fib level above at exactly 3,500 Sats.

Looking at the indicators over a closer 2hr range, we can see further promising signals that suggest POLY will likely continue bullish to this new price target;