The term #SocialMining , @Polygon and @DAO Labs describe the narrative with the token taking a precarious technical situation this week. The contributors of DAO Labs keep peeling back at the layers of accumulation and possible reversal patterns.
Following a collapse of a former supported area, $POL reacted to market pressure by stabilizing at a second support line albeit a temporary recourse. This zone of reaction, not a firm bottom, exhibits the indication of accumulation and controlled volume, something more indicative of a rest rather than a breakdown.
However, until the external sentiment shifts or some alternatives associated with blockchain take place, the present range might not be sufficient to keep the increase ongoing. Traders together with long-term Social Mining watchers are currently all eyes to find out whether $POL will turn this suspension into the onset of a trend reversal.
In case of improved news flow or the restored confidence breaking in the crypto market, the current level is likely to be used as a reference to initiate new upsides. The outlook is still at micro-support levels and whether the market would be able to provide the stability to reach a structural breakout until then. At the moment, the community is still wary, but engaged in the Social Mining activities of DAO Labs.
