Polygon (POL) Price Targets $0.50 with Channel Breakout

With the altcoins rising, the Polygon (POL) price is below $0.30. 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

With a positive cycle within a falling channel pattern, the Polygon (POL) token price is on the verge of a massive bullish breakout rally. With the ongoing recovery rally accounting for a price jump of 35% this week, the recovery run challenge is a long-coming race. 

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With four consecutive bullish candles completing a positive cycle, the intraday pullback delays the breakout rally. Currently, the POL price is trading at $0.3850 with an intraday pullback of 1.86%. 

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.  

SMA: The bullish rally surpasses the 50-day EMA, increasing the breakout rally chances. 

• Also Read :
•   ALGO Price Gears up for $0.18 as Bulls Anticipate Breakout Rally?
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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.

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