The cryptocurrency market shows a mild cooldown after an eventful week. Ethereum, leading other altcoins, displays steady growth, while Polygon is also on the rise.
Ethereum's Rise and Its Impact on the Market
Ethereum (ETH) has increased by 19% over the past week and is currently trading around $3,550. This growth serves as a key driver for the market, fostering positive sentiment among investors and drawing attention to other altcoins.
Harmonic Pattern Analysis on Polygon's Chart
The chart for Polygon (POL) shows the formation of a Bearish Gartley harmonic pattern, which often signals the potential for a continuation rally. The pattern starts at $0.3342 and after fluctuations is currently trading around $0.2367, comfortably above the 100-day moving average.
Outlook for Polygon and Key Support Levels
If POL can break above the 200-day moving average at $0.2656 with strong volume, it may indicate further growth towards the Potential Reversal Zone between $0.2955 and $0.3342. However, failing to reach this level may result in a pullback to the 100-day moving average at $0.2139, which is critical for sustaining the current momentum.
Ethereum's influence on the cryptocurrency market is evident, and with the analysis of Polygon, investors should keep a close eye on developments, as support and resistance levels may play a crucial role in the future movements of these assets.
