$ POLYX | a Token to Watch. 4 X coming ?BINANCE:POLYXUSDT
Here with another speculation about crypto assets. This time Polymesh. Let’s take a look at the project’s information:
Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges with public infrastructure around governance, identity, compliance, confidentiality, and settlement. POLYX is the native protocol token of Polymesh used to stake and secure the network, pay transaction fees, and engage in governance.
Polymesh integrates built-in financial primitives that enable users to operate the blockchain at minimal fixed costs. Additionally, it enables developers to create decentralized applications (dApps) on the platform. Polymesh also aims to effectively tackle critical concerns like rule enforcement, identity verification, regulatory compliance, data privacy and transaction finalization.
According to Polymesh's whitepaper, the project overcomes the flaws in Ethereum and other general-purpose blockchains that may impede the acceptance of security tokens by industries and institutions.
Source: Coin Market Cap
$POLYX
Category: RWA
Market Cap: $ 320m
Market Cap Rank: 231
Market Price: 0.35 $
ATH: $ 0.75 (-53% now)
ATL: $ 0.009
Technical highlights:
- MA:
W1: The price managed to break above the MA 20 and 50 last week with good volume to confirm its uptrend.
D1: Like most other altcoins, there is a golden cross in the MAs that signals more uptrend in the coming days. The price managed to destroy the MA50 with a +20% candle and hovers above it (MA50 at $0.287)
- Levels:
Since June 2023, the chart has printed higher highs (HH) and higher lows (HL), which tells me that it has kept its bullish trend smoothly. Despite all the ups and downs, the long-term trend has remained bullish. With the current craze in the crypto market, I expect this low cap to outperform most of its old rivals.
$0.29 to $0.31 was a key level to break, and the trend managed to do that. Now the price moves above and might test this level to find it as a support level. So, with the MA50 at $0.287 and $0.31 as the previous resistance level, the support/resistance test is expected to happen in this range.
Supports:
$ 0.31 Broken local highs
$ 0.287 MA50
Resistances:
$ 0.48 - $ 0.52 D1 supply zone
$ 0.68 to $ 0.74 D1 supply zone
I believe price will hit 2.618 fib. Level at $1.72
Conclusion:
**All these opinions are mine and can be wrong, so please DYOR**
According to its use cases and small market cap I think this project has a great potential to grow more and ascend in market cap ranking, and I will buy in steps and after confirmation of a successful S/R test. My strategy goes as below:
🛒 Pair: POLYX/ USDT 🛒
👑 Bitcharge 👑
🕰 25/11/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
Ex: Binance, MEXC, KUCOIN,
🛒 Buy1: 0.28 – 0.31 🛒
👉Sell Targets👈
🎯TP1: 0.36 🥉
🎯TP2: 0.47 🥈
🎯TP3: 0.55 🥇
🎯TP4: 0.67 🚁
🎯TP5: 0.74 ✈️
🎯TP6: 0.85 🚀
🎯TP7: 1.00 🛰
🎯TP8: 1.30 🛰
🎯TP9: 1.70 🛰
⛔️ SL: 0.28 ⛔️ by closing D1 Below
