The January 2019 has been very negative for the cryptocurrency market and all major cryptocurrencies are under the pressure. The price of Polymath (POLY) is also pressured by this situation and for now, we can not see the “light” at the end of the tunnel. In my opinion, this is a highly speculative cryptocurrency and still very risky but lots of analysts agree that Polymath (POLY) is currently at a point where it has the potential to make very big gains. The Polymath Network is a blockchain-based system to coordinate and incentivize participants to collaborate and launch financial products on the blockchain. Polymath has own token known as POLY and this token is used to issue securities on Polymath and interact with the platform. When we look at the 1-year chart we can see that Polymath (POLY) is moving in “downtrend”. As long Polymath is below $0.4 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.10 and $0.20 – If the Polymath jumps above $0.20 that would be a “BUY” signal and the open way to $0.30 or even $0.35. If the Polymath jumps above $0.40 that could be a strong signal of the trend reversal and the open way to $0.50. On the other side, if the Polymath falls below $0.1 that will be a strong signal “SELL” signal and the next target could be around $0.05.
Advice: In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. According to estimates, Polymath (POLY) is one of the cryptocurrencies which you should definitely not ignore and this cryptocurrency might still be undervalued despite all the problems. As for the technical picture, the Polymath remains in bearish phase but if the price advances above $0.40 next targets could be located around $0.50 and $0.60. On the other side, if the Polymath falls once again below $0.10 that will be a strong signal “SELL” signal and the next target could be around $0.05.
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis