Polymath coin (POLY) jumped higher today and its price moved up by more than 40% to trade above the $1.00 resistance. It started an upside move from the $0.80 swing low and crawled above $1.00. let’s see what’s driving it and whether it can rise further?
The cryptocurrency market is in green today. An altcoin , Polymath rose to a new high after there were positive development. Recently, there was an announcement of the partnership with Agrello, which is a AML/KYC verification provider IdentityMind Global, and Smart-Agreements Solutions Provider.
The company recently published a blog post about their one year performance and highlighted their feedback from Bloomberg (quoted below). They also mentioned about the upcoming Polymath Airdrop of the POLY token later in January 2017.
If a platform like Polymath gains steam, it could magnify the consequences of the booming world of token sales.
The market value rose to $268,337,846 USD earlier today and it seems like the price movements are bullish. It could retrace a few points in the near term, but the broken resistance at $1.00 could act as a support.
If the current trend continues, it could rise above the $1.20 level. In the medium term, the price could even attempt a run towards the $1.50 level.
In the altcoins arena, Ethereum Classic rose higher today and broke a major resistance at $30.00. Litecoin price is gunning higher and it could soon attempt to move towards $200. Bitcoin and Ethereum are also up and gained around 4% each. Overall, the market sentiment is positive.
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