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POLYX price dips as bears show strength

By:
on Nov 1, 2023
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  • Polymesh (POLYX) price rose to a one-year high above $0.43 earlier this week.
  • Gains came amid broader market upside and Polymesh network growth.
  • Potential profit taking could push prices lower, with POLYX/USD just above $0.22 on Wednesday afternoon.

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Polymesh (POLYX) was among altcoin outperformers in October, riding the broader market’s uptick and network-catalysed bullish sentiment to hit highs last seen in October 2022. However, the spike to $0.43 saw a sharp rejection and the altcoin’s price is down double-digits in the past 24 hours to near $0.22.

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Polymesh ecosystem growth key to recent gains

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Polymesh’s mainnet launched in 2021, with the genesis block on October 28. The blockchain for real-world assets saw decent growth over the past two years as key partnerships, including with Shinhan Bank-backed tokenization consortium Korea Digital Asset Custody (KDAC), sparked interest in the project.

The onboarding of node operators like Binance also added to the growth trajectory, according to details in a recent blog update.

Polymesh has also seen increased staking for POLYX, with data showing over 412 million POLYX have been locked in the project. Users have also bridged more than 765 million POLY through the 1:1 POLY: POLYX Upgrade Bridge, accounting for more than 76% of the circulating supply.

Can the upward growth trajectory help POLYX price?

POLYX price: what next?

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While POLYX price remains more than 90% up in the past 30 days, it has seen sharp downward action in the past 24 hours to pare most of the gains seen since October 26. According to data from CoinGecko, Polymesh price has dipped by more than 15% in the past 24 hours to cut weekly upside to just 9%.

Last week’s upside that pushed POLYX/USD to above $0.43 came after bulls broke above the horizontal resistance at $0.15 earlier this month. The bullish sentiment around potential spot Bitcoin ETF approval helped Bitcoin price rally to highs of $35k, and altcoins followed suit as investors redistributed gains.

Polyx price chart. Source: TradingView

For Polymesh price, that meant a breakout above long term resistance around $0.29 to hit the year high.

However, price is now retesting $0.22 for support amid bearish outlook suggested by the daily RSI and MACD indicators. Further weakness could see sellers target $0.19. On the flipside, bulls may need a decisive break above $0.25 to reclaim the upside advantage.

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