Polygon (POL) Price Analysis: POL Surged 35% This Week, Challenging the Falling Channel Resistance

MACD bullish crossover signals rising momentum for a breakout. A breakout above $0.41 could lead to the $0.50 psychological level.

The price of Polygon (POL) has surged 35% this week, challenging the falling channel resistance with a breakout rally. The MACD bullish crossover signals rising momentum for a breakout. A breakout above $0.41 could lead to the $0.50 psychological level.

With the broader altcoins rising, the Polygon (POL) price is still below $0.30. However, as the buying pressure surges, the altcoin teases a trend reversal with a breakout rally. Will the uptrend in Polygon cross the $0.50 psychological mark as the broader market recovers? Let’s find out more in Coinpedia’s Polygon price analysis.

Polygon Price Analysis: 35% Surged POL Price to Test Falling Channel Resistance

In a falling channel pattern, the Polygon (POL) token price demonstrates a positive cycle on the lower time frame. With four intraday red candles completing a positive cycle, the price showcases a positive trend. However, the intraday pullback delays the breakout rally.

Currently, the POL price is trading at $0.3850 with an intraday pullback of 1.86%. The price showcases a strong trend as it surpasses the 50-day EMA. However, the overhead resistance trendline and the 50-day EMA are converging.

Moreover, based on the Fibonacci levels, the bull run beyond the overhead resistance trendline will likely challenge the 23.60% Fibonacci level at $0.4129. The bullish breakout run beyond the $0.41 is likely to face a position near the $0.50 psychological mark.

Technical Indicators:

MACD: The high momentum bull cycle in POL price within the falling channel pattern has led to a positive crossover between the MACD and signal lines. This crossover and the rising MACD histogram indicate a bullish momentum.

SMA: The bullish rally surpasses the 50-day EMA, increasing the breakout rally chances. However, the 200-day SMA is still distant from the price trend.

Will POL Price Reach $0.50?

The immediate resistance at $0.50 for the POL price trend coincides with the dynamic 200-day SMA. As the broader market recovers, the bull run chances for the POL token are improving. Hence, the next potential target for the POL price trend remains the $0.50 mark.

On the flip side, a minor pullback within the channel will likely retest the 50-day SMA at $0.3667 before a post-test reversal. Also, read our Polygon Price Prediction 2024-2030, for insights about the long-term prospects of this cryptocurrency.

FAQs

Q1. What is the current price of Polygon (POL)?

Ans. At the time of writing, Polygon (POL) is trading at $0.3850 with a slight 1.86% intraday pullback.

Q2. What are the key targets for the POL price trend?

Ans. Key targets are $0.4129 (23.60% Fibonacci level) and $0.50 (psychological mark).

Q3. Where is the support for the POL price trend?

Ans. Support lies at $0.3667 (50-day SMA) before a potential reversal.

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