In the last 24 hours, Polymesh (POLYX), an institutional grade permissioned blockchain for regulated assets, has experienced an astonishing price increase of 86.09%. The token is currently trading at $0.4106, with a 24-hour low and high of $0.2182 and $0.4359, respectively. This impressive feat pushed POLYX’s market cap to $351,650,430, ranking it 227th among all cryptocurrencies.
Polymesh: The Ethereum for Security Tokens
According to trader Valeriya, because of its focus on creating tokens that represent ownership or dividends in companies, people often compare Polymesh to “Ethereum for security tokens.” The Polymesh ecosystem specifically adapts the ST20 standard for these tokens. To ensure legal validity, securities issued on Polymesh must meet regulatory standards set by the Securities and Exchange Commission (SEC).
By streamlining outdated processes and solving challenges related to governance, identity, compliance, confidentiality and settlement, Polymesh aims to open the door to new financial instruments and attract institutional investors to the blockchain space.
BlackRock’s RWA Tokenized Fund fuels bullish sentiment
One of the key factors driving the recent price rise of POLYX is the growing interest in the Real World Assets (RWA) narrative. With BlackRock, the world’s largest asset manager, launching their RWA token fund, it has become clear that RWA is poised to be a massive trend in the current crypto cycle.
Trader Ash Crypto, who has been accumulating POLYX since 2022, believes that Polymesh is a strong RWA contender and expects the token to reach $1 in the near future. As more institutional investors recognize the potential of signed real assets, platforms like Polymesh are well positioned to capture this growing demand.
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Technical Analysis: Breakout and Bullish Indicators
According to our analysis, POLYX has broken out of a descending channel on the 4-hour chart, indicating a potential trend reversal and further upside potential.
The 200-day moving average (MA) for POLYX currently stands at $0.1821. With the token trading well above this level, it indicates that the long-term trend is bullish and POLYX has significant room for growth.
The daily chart relative strength index (RSI) for POLYX is currently at 74. An RSI above 70 typically indicates that the sign is overbought and may be due for a correction. However, strong bull markets can cause tokens to remain overbought for long periods, and relying solely on the RSI for investment decisions is not advisable.
Growing interest in the RWA narrative and the platform’s focus on compliant security tokens drove Polymesh’s 86% price increase, positioning POLYX as a token to watch in the coming weeks and months. As more institutional investors recognize the potential of signed real assets and seek to meet regulatory standards, Polymesh is well positioned to benefit from this trend.
However, investors should always exercise caution when investing in highly volatile assets such as cryptocurrencies and do thorough research before making any investment decisions.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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