Polymath (POLY) has continued to move higher after a brief correction from the 3-month high around $0.34 appears to be finished. Currently, the coin is up by more than 52% compared to the monthly low on October 11th.
According to Coindoo, Polymath is a project offering a unique product – providing legal advice and process for tokens to be used as fully compliant securities. In a nutshell, it aims to simplify the legal process of selling and creating security tokens.
As the platform aims to facilitate compliance of the specific token with government standards, it serves as a bridge between the market on the one side, and complicated legal requirements on the other.
“At Polymath we’ve always taken a multi-faceted approach to this challenge, including commissioning multiple external audits for our Solidity code, running public and private bug bounties, and a strict, enforced, review process internally on code changes,” said Adam Dossa, Polymath’s Director of Technology.
Looking at the 4H graph below, the price has been trading in a continuous uptrend since the latest swing low around the $0.12 handle. Supported by the 100 4H moving average, the price has pushed higher to the $0.34 handle, making almost 300% in gains in less than 2 months.
Graph 1. Polymath (POLY) 4H chart
Following that swing high, POLY rotated back lower until it bounced off the horizontal support (the lower red line) around the $0.25 mark. As we have now breached the mini-trend line resistance (the blue line), the price can build upon this and re-test the second horizontal resistance again (the upper red line). The horizontal resistance joins the 38.2% Fibonacci retracement zone, thus creating a confluence of resistance.
The coin is currently trading at $0.2790, as today’s price rise has pushed the market cap above $80 million once again.