Polygon’s POL is likely one of the greatest performers among the many high 100 cryptocurrencies by market cap. The coin takes a breather above $0.11 after including 11% to its worth within the final 24 hours.
The rally comes as Polygon recorded its largest month-to-month burn of greater than 25 million POL tokens in January. This newest improvement additionally comes amid the launch of Ethereum’s trustless brokers by ERC-8004 on Polygon.
Technical indicators recommend that Polygon may rally greater within the close to time period regardless of the broader stress from the cryptocurrency market.
Polygon adopts ERC-8004
POL is one of the best performer among the many high 100 cryptocurrencies and is now buying and selling at $0.1140 per coin. On-chain information exhibits Polygon may rally greater within the close to time period.
The Polygon workforce introduced the adoption of Ethereum’s trustless agent standard (ERC-8004), which permits brokers on layer-2 networks to have transportable identification and popularity.
Polygon is betting on the agent financial system because of the rising ecosystem of AI brokers.
Its guess is resulting in renewed community results, developer adoption, real-world use instances, and precise agent-to-agent financial worth creation.
Polygon | POL@0xPolygon·Followhttps://twitter.com/0xPolygon/standing/2018365944884785424
Ethereum’s trustless brokers are reside on Polygon. ERC-8004 makes identification and popularity transportable, unlocking agentic interactions throughout L2s orgs with out the walled gardens. The end result: a scalable, permissionless agent financial system
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Information obtained from Artemis exhibits that Polygon recorded bridged internet flows of $13.6 million over the past 24 hours, second solely to Arbitrum, which recorded $50.4 million in internet flows.
Along with that, Polygon’s stablecoin provide has elevated by $29 million over the identical interval.
Polygon has intensified its burning mechanism in latest weeks.
In response to Blockworks, 25.73 million tokens have been faraway from circulation in January. Often, a discount in circulation results in elevated demand.
Will POL rally in the direction of $0.16?
The POLUSD 4-hour chart is bearish and environment friendly regardless of Polygin including 12% to its worth within the final 24 hours. POL bounced again from the $0.100 degree on Sunday after a gradual decline of 21% over the previous three weeks.
Regardless of the slight restoration, the downward slope of the 50-, 100-, and 200-day Exponential Shifting Averages (EMAs) reinforces a robust bearish development.
For POL to embark on a sustainable restoration, its worth ought to surpass the 50-day EMA at $0.1273.
A rally above this degree may see the bulls push greater in the direction of the 100-day and 200-day EMAs at $0.1422 and $0.1743, respectively.
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The momentum indicators on the every day chart recommend cooling in promoting stress. The Relative Power Index (RSI) at 57 is above the impartial zone, indicating a rising bullish momentum.
The Shifting Common Convergence Divergence (MACD) line approaches the impartial line, suggesting the potential for a bullish crossover.
On the flip facet, if the bulls fail to push the worth above the $0.124 resistance degree, POL may face a reversal in the direction of the $0.1000 psychological degree as soon as once more within the close to time period.
