POL Price Rebound Targets $0.50: Breakout on the Horizon?

As altcoins continue to rise, Polygon (POL) is currently priced below $0.30. With increasing buying pressure, there are indications of a potential trend reversal and breakout rally for this altcoin.

Will the uptrend in Polygon push past the $0.50 psychological mark as the overall market starts to recover? Let’s delve deeper into Coinpedia’s analysis of Polygon’s price.

Will Polygon Give A Channel Breakout?

In the daily chart, Polygon’s price trend remains bearish, following a falling channel pattern. The resistance trendline and the declining 50-day EMA continue to exert pressure, leading to a downward trend in POL price.

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Despite the bearish trend, a recent bullish resurgence from the falling channel support trendline and improvements in the broader market suggest a positive shift. Over the past few days, the POL market price has risen by 16%, with three consecutive bullish candles.

The upward momentum is now targeting to breach the 50-day EMA. To achieve a breakout, the altcoin must overcome the declining resistance trendline. However, the breakout rally may encounter resistance at the $0.50 psychological mark and the 200-day EMA.

With growing buying pressure, the MACD and signal line indicate a trend reversal with a positive crossover. The increase in positive histograms signals a potential buying opportunity.

Will POL Price Cross $0.50?

A significant short-term change in POL’s character is evident with a breakout above $0.335, hinting at a possible breakout in POL prices.

According to Fibonacci levels, the breakout could target the 50% Fibonacci level at $0.6089. On the downside, crucial support for POL remains at the $0.30 psychological mark and the $0.2918 bottom formation.

For more insights on the long-term prospects of this cryptocurrency, check out our Polygon Price Prediction 2024-2030.

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