Will Polygon Crypto Breakout Signal A 40% Rally To $0.64?

Polygon crypto has been trading in the range of $0.47 to $0.41 showing price consolidation.

This means that there is a high likelihood of a breakout, with traders and analysts predicting that the price could rise by 40%.

This range is being closely monitored in order to identify whether $ POL will start a bullish trend or experience further bearish pressure.

Key Resistance and Support Levels in Focus

Notably, the $0.47 level is the key resistance area for $POL while the $0.41 level is a key support region.

These boundaries have been tested several times in the past few weeks, which shows the struggle between the buyers and the sellers.

Crypto analyst Ali Martinez pointed out that if POL breaks past $0.47, this will probably be a sign of further growth. This may lead the token price towards the next resistance level at $0.64.

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On the other hand, a fall below $0.41 shall affirm bearish sentiment and direct $POL towards lower Fibonacci retracement levels.

This support and resistance range is also in line with historical trading volume, which provides a strong indication of the token’s future trajectory.

MACD and Stochastic RSI Indicate Polygon Crypto Price Next Move

More so, the MACD for POL indicates a bearish crossover as the MACD line (blue) falls below the signal line (orange) with the values around -0.0001.

This shows that bullish power is decreasing. The histogram also points to a loss of upward momentum, and hence further downward pressure in the near future.

If the MACD does not bounce back above its signal line, it will serve to sustain a bearish outlook further.

Conversely, the stochastic RSI is at 41.17 for POL, and it is still rising but remains below the midpoint.

This shows early signs of a bullish run but the token has not been able to build up a strong buy wall.

If Stochastic RSI crosses above the 50 level, it will mean that there is a possibility of more gains. But if a breakout fails to occur, the price can consolidate or even move into a bearish trend..

Fibonacci Levels Indicating Potential Targets

The Fibonacci retracement levels on the $POL chart seem to indicate possible levels of support or resistance for either an upward or downward trend.

If $POL moves above $0.47 then, the resistance levels can be seen with 61.8% and 100% Fibonnaci extension leading towards $0.64 as the upside target.

Conversely, a bearish breakdown through $0.41 might result in a retest of other retracement levels at $0.37 and $0.33 to possibly turn the tide.

These Fibonacci levels are useful in helping traders determine the expected level to watch in case of a breakout or breakdown.

At press time, Polygon crypto was trading at $0.4518, which is a 0.05% increase in the last 24 hours with a trading volume of $132.6 million, which is 23% less than the previous day.

Market cap stands at $3.81B and circulating supply stands at 8.44B. The price has formed a consolidation near the support level with moderate volatility.