According to reports from AMBCrypto, Polymesh [POLYX], the blockchain purpose-built for real-world assets, has declined by approximately 4% in the past 24 hours and is currently trading below $0.052. The altcoin had shown some recovery momentum with a 16.6% gain over the past 30 days, but the recent decline suggests continued bearish pressure. As reported by AMBCrypto, the token is down 95% from its all-time high of $0.75 achieved in 2024, indicating a significant decline from its peak performance.
As reported by AMBCrypto, the technical analysis reveals that the $0.10 support zone held strong from 2023 to mid-2025 before the latest bear market began in October 2025. The latest swing high was established at $0.0665 in May, and this level needs to be breached to flip the structure bullishly. The previous swing low at $0.0518 is now being tested as a resistance zone, with the prevailing trend remaining bearish even if bulls drive the bounce above this area. The POLYX crypto weekly swing structure had been bearish even before the onset of the latest bear market, with this downtrend still in place.
According to AMBCrypto, the 1-day timeframe shows a bearish swing structure with swing points at $0.0406 and $0.0276. While the altcoin is closer to the recent swing high, the $0.037 supply zone has not been convincingly breached yet. However, technical indicators provide some bullish signals, with the daily RSI showing a reading of 57 to signal upward momentum. More encouragingly, the OBV has been steadily climbing higher since August, indicating that buying volume has exceeded selling volume, though buyers have not been aggressive yet. The OBV has been steadily climbing higher even though the price has kept descending, suggesting underlying strength in the market structure.
As reported by AMBCrypto, the sentiment around Bitcoin [BTC] and Ethereum [ETH] has been bullish after strong gains in August, which could help altcoin market sentiment and Polymesh. The analysis suggests that a trend reversal requires aggressive, high-volume buying and a break of the $0.0406 swing level. The current technical structure indicates that while there is potential for a trend reversal, the long-term trend remains bearish until key resistance levels are decisively breached. If BTC's retest of the $77k support zone in recent days turns out only to be a retracement, it could help the altcoin market sentiment and also Polymesh.
