Altcoins worth following this week: Despite Bitcoin falling below $109,000, Polymesh continues to perform strongly.

Polymesh (POLYX) continues its pump, trading at around $0.132 during the Asian session today (8), having risen 5% in the previous two days. Derivatives data has strengthened bullish sentiment, with POLYX's financing interest rate turning positive and open contracts increasing, adding to long positions. Technical analysis indicates that POLYX may soon experience double-digit gains, making it a key altcoin to follow this week.

POLYX derivative product data indicates bullish sentiment

Coinglass derivatives data shows that POLYX open interest (OI) surged nearly 7% in the past 24 hours, reaching 8.7 million dollars. The increase in buying activity has driven the surge in open interest, indicating a strong market optimism towards Polymesh. Furthermore, its long positions to short positions ratio has also reached 1.01, showing that traders are betting on the asset's price increase.

Coinglass's open interest weighted financing rate data shows that the indicator has turned positive, with a reading of 0.0097% on Tuesday, indicating that long positions are paying to the shorts. Historically, when the financing rate turns from negative to positive, the price of POLYX typically rises significantly.

POLYX Technical Analysis: Possible Double-Digit Growth

FXStreet analyst Manish Chhetri stated that the price of Polymesh broke through a descending trendline (drawn by connecting multiple highs since mid-May) on Sunday and rose nearly 5% the following day. As of Tuesday when this article was written, its price continued to rise by 2.2%, reaching around $0.132.

If POLYX continues to maintain its upward momentum, its pump may extend nearly 10% from the current level, retesting the 100-day Exponential Moving Average (EMA) at $0.146.

On the daily chart, the Relative Strength Index (RSI) is at 53 and pointing upwards, indicating that bullish momentum is strengthening. Additionally, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on June 28. This indicator also shows green bars rising above the neutral zero line, indicating that bullish momentum is strengthening and continuing the upward trend.

However, if Polymesh faces a pullback, it may continue to decline and retest its Sunday low of $0.122.

(Source: Trading View)