Polygon’s poly-token tumbled 6% on Thursday and fell through key support levels as the higher than expected US inflation data shaken risk assets.
Pol traded in a wide 10% range over the last 24 hours and climbed from $ 0.25 to $ 0.26 in the early trade before turning vigorously, data from Coindesk Analytics shows.
An outbreak of sales sent the token down to $ 0.24 with trading volume that spiked at 1.1 million units-more than triple the 24-hour average. The $ 0.26 brand has now emerged as a significant resistance zone after rejection with high volume.
Sales Office came together with a wider market drop that was triggered by an American producer price index (PPI) Report showing an increase of 0.9% over the month of July, the biggest leap of more than three years. The data that measures wholesale inflation before reaching consumers dampened expectations of cuts in the Federal Reserve and pressed speculative assets.
The Coindesk 20 index, a benchmark for the wider crypto market, fell 4% over the same period as the profit recording accelerated across larger tokens. Pol last changed hands near $ 0.24, with momentum indicators that signaled further downward risk.
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