The cryptocurrency market is still in the deep “bearish” phase and according to the current market sentiment, this trend is not over yet. The price of Polymath (POLY) is also pressured by the weakening of Bitcoin and until Bitcoin recovers the price of POLY will probably not see any major developments in the near future. Polymath Network is a blockchain system with a purpose to incentivize participants to collaborate and launch financial products on this network. Polymath has own token known as POLY and this token is used to issue securities on Polymath and interact with the platform. The Polymath team predicts that the demand for the tokens will increase as more and more people use Polymath’s services. Polymath is led by tech entrepreneur Trevor Koverko and it is important to mention that Polymath is often called the “Ethereum of security tokens”.
The current price of Polymath (POLY) is close to the strong support level which stands at $0.020 but it is important to say that the price of this cryptocurrency advanced recently above $0.023. According to estimates, Polymath (POLY) is one of the cryptocurrencies which you should definitely not ignore but in my opinion, this is a highly speculative cryptocurrency and still very risky. There is still a level of uncertainty surrounding this project and one of the factors to consider before deciding whether or not to buy this cryptocurrency is the competition that Polymath will face from other similar projects. The price of Polymath has been trading in $0.020-$0.030 range for a while and according to technical analysis, the downtrend is still very strong. In the chart below (a period from December 2018), I have marked major resistance and support levels which can help us to understand where the price could move. The current resistance levels are $0.040, $0.060 and $0.080, $0.020 and $0.015 represent the strong support levels.
We can also notice that the price of Polymath has weakened from $0.080 below $0.020 in less than 180 days and the current price level could not be considered the end of this negative trend. Polymath remains in the bearish phase but if the price advances above $0.040 it could be a good sign of the trend reversal. If the price drops below $0.015 strong support that would be a strong “SELL” signal and the open way to $0.010.
Recommendation: Polymath is a platform designed to act as an interface between financial securities and the blockchain. This platform has its own POLY tokens that can be used to interact with the platform and according to some estimates, they will probably increase in value. 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. Polymath has a strong resistance area at $0.040 and it would take a break above this level to confirm a new leg higher towards the $0.060 resistance level. If the price jumps above $0.080 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $0.075 and take profit at $0.090 or above. If the price drops below $0.015 strong support that would be a strong “SELL” signal and the open way to $0.010.