The broader cryptocurrency market is having a mixed performance on Friday, with most leading cryptocurrencies currently in the red.
However, POL, the native coin of the Polygon blockchain, is one of the best performers in the market.
It has added 3.5% to its value over the last 24 hours and could be set for a breakout above the $0.10 psychological level in the near term.
The technical indicators suggest that POL could be getting ready for a rally amid improved sentiment in the market.
Polygon Foundation proposes the Agentic Commerce Gas Program
POL is one of the best performers among the top 100 cryptocurrencies by market cap and is now approaching the $0.10 mark.
The bullish performance comes as the Polygon Foundation continues to roll out proposals to boost Polygon’s position as a leading agentic blockchain.
On Thursday, the Polygon Foundation informed its community that it had submitted the PIP-82: Agentic Commerce Gas Program proposal.
PIP-82: Agentic Commerce Gas Program
This proposal calls for recycling up to $1M in gas base fees to promote Agentic Commerce transactions (using PIP-65). All non-recycled POL will be burned.
See the PIP: forum.polygon.technology/t/pip-82-agent…
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This proposal calls for recycling up to $1M in gas-based fees to promote Agentic Commerce transactions (using PIP-65). All non-recycled POL will be burned.
According to the team, this program will operate until the $1M is fully recycled or December 31, 2026, whichever comes first.
The program may also be edited or terminated by this PIP being superseded by another PIP approved by Polygon Governance.
POL will be valued at the prevailing market rate at the time of the recycling transaction, and that amount will be subtracted from the $1M allowance.
POL eyes recovery above its 20-day EMA
The POL/USD 4-hour chart is bearish and inefficient, with the efficiency level around $0.1041. The token is currently down nearly 50% from its yearly peak of $0.184 on January 11.
Despite POL’s bearish performance, Polygon’s TVL has held steady above $1 billion over the last 30 days. This suggests that capital isn’t leading the blockchain.
According to Santiment data, loss realization also surged over the past week, hitting $40 million.
If the recovery continues, POL could rally towards the 20-day EMA at $0.1041, allowing it to gain efficiency in the 4-hour chart. This would ensure that the short-term trend remains bullish.
The RSI is at 55, above the neutral level, indicating that the bulls are regaining control. For POL to surpass the $0.1041 resistance level, the RSI will need to head into the overbought region.
The MACD lines are also converging above the neutral zone, adding further bullish confluence. Immediate resistance aligns at at $0.168 if the bullish trend continues.
A break above the $0.168 resistance level could pave the way toward the next barrier at $0.212.
However, if the bullish recovery fails, POL could decline towards the last major support level at $0.088.
The post Polygon seeks to extend gains above $0.10: check forecast appeared first on Invezz
