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

Published by

Sohrab Khawas

November 7, 2024

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.

Will Polygon Give A Channel Breakout?

Maintaining a falling channel pattern in the daily chart, the overall price trend in POL remains bearish. Under the influence of a strong resistance trendline and the declining 50-day EMA, the downfall in the POL price continues.

However, the recent bullish comeback from the falling channel support trendline and the broader market recovery ignites a new positive trend. Over the past three days, the POL market price has increased by 16%, leading to three consecutive bullish candles.

The uptrend is aiming higher to challenge the 50-day EMA. Beyond the dynamic resistance, the altcoin must surpass the declining resistance trendline for a breakout run. However, the breakout rally is likely to face another resistance at the $0.50 psychological mark and the 200-day EMA.

With the increased buying pressure, the MACD and signal line give a trend reversal and a positive crossover. The surge of positive histograms signals a buying opportunity.

Will POL Price Cross $0.50?

The short-term change of character in POL comes with a breakout of $0.335. Thus, the price action highlights an increased possibility of a breakout run in POL prices.

Based on the Fibonacci levels, the breakout run could reach the 50% Fibonacci level at $0.6089. On the flip side, the crucial support for the POL token remains at the $0.30 psychological mark and the $0.2918 bottom formation.

Also, read our Polygon Price Prediction 2024-2030, for insights about the long-term prospects of this cryptocurrency.

FAQs

What is the current trend in POL’s price action?

POL is in a falling channel pattern with a recent 16% bullish rebound. It aims to challenge key resistances.

What are the key resistance levels for POL’s breakout?

The main resistances are the 50-day EMA, the declining resistance trendline, the $0.50 psychological mark, and the 200-day EMA.

What are the potential price targets for POL after a breakout?

Based on Fibonacci levels, the breakout rally could target the 50% Fibonacci level at $0.6089, with further upside possible.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.