Polygon has destroyed all of its profits from 2023. The technical image is bearish.

• polygon has destroyed all of its profits from 2023
• The technical image is bearish
• Only one movement about parity will change the declining tendency

What a trip it was for polygon investors. The cryptocurrency has recovered strongly since its introduction, but the trend had.

Twice had tried to reach the $ 2.8 area, but had failed both times. The market has created a double-top pattern there because it could not break through the horizontal resistance area.

After the Double Top, everything went wrong for polygon investors. There was another declining pattern, a descending triangle, with a frightening, measured movement for those who bought at the top.

The moderate movement dropped the market to $ 0.4 before recovering in the last part of 2022.

When the cryptocurrencies at the beginning of 2023 experienced an upswing due to the increase in Bitcoin, optimism came up again. Polygon also recovered and acted over $ 1.4, but these profits are long gone. However, Bitcoin still holds most of his profits from 2023, which means trouble for polygon investors.

Polygondiagramm from TradingView

polygon remains bearish as long as it is below $ 1

The market needs two things. First, the declining trend line in the above diagram must be broken. Ideally, the series of lower highs should also be broken.

Secondly, the exchange rate above parity must be to the dollar. This is a decisive level; If you stay there, you build energy for further progress.