The price of the polygon slowly is a bullish pattern with high stablecoin growth star-news.press/wp

Polygon price continued its landmark on Monday, June 23, as it decreased to its lowest level since April 9.

Polygon (POL) decreased to the lowest level at $ 0.1732, reflecting the broader sale process in Altcoins. The code has now decreased more than 77 % of the December 2023 rise.

The sale in Polygon comes amid a shrinkage in the broader encryption market and the share of the network hanging for the escalating competitors such as Base and Serbitrum. For example, decentralization exchanged on a treatment pulse 3.82 billion dollars In transactions over the past thirty days.

In comparison, the Coinbase series dealt with more than $ 29 billion during the same period, while the introduction recorded $ 18.9 billion. The newer sets of 1 layer such as Hyperleliquid and SUI are more than the size of the DeX.

In a more positive note, Polygon has shown strong growth in the booming Stablecoin sector. Stablecoin supply jump 10 % during the last 30 days to more than $ 2.3 billion.

This supported, the number of Stablecoin transactions on the polygon jumped by 44 % to 81.1 million during the same period. The average transaction volume increased by 35 % to 52 billion dollars, as Poligon was placed as one of the leading chains in Stablecoin.

Most of this activity came across Binance, followed by polymarket, popular prediction market platform.

Technical analysis of the price of the polygon

The daily chart shows that Pol Botted reached $ 0.1500 in April and recovered to the highest level of $ 0.2754 on May 11. Since then, the price has declined and a fracture of the moving average for 50 days.

Polygon is now approaching the decisive support level at $ 0.1500, indicating that it may form a double -bottom pattern, which is a common state reflection.

If the price exceeds this level and the bounce begins, then the next upward goal will be about 0.2757 dollars. However, the decisive decrease of less than $ 0.1500 would nullify the upper setting and may lead to more negative side.