A very old and dormant cryptocurrency known as Polymath (POLY) has recently gained a lot of hype due to increased volatility. However, after surging 284% in the second half of October, Polymath price has been in a tailspin since the start of November.
Currently, POLY crypto is down 44.89% on the monthly timeframe. Even after a brief recovery from the recent lows, the altcoin is still down 58% from its yearly highs of $0.444. At press time, it was trading at 0.186 on different exchanges.
This week’s intense sell-off in the cryptocurrencies in general and the altcoins in particular can be linked to the recent settlement of Binance with the US DOJ. As a part of the deal, the CEO and founder of the biggest cryptocurrency exchange had to step down which resulted in a market-wide panic.
Consequently, Polymath price prediction flipped bearish and retested the range lows, as mentioned in the following chart. However, if the bulls hold the range lows of $0.148, there could still be another rally toward the middle of the range.
