Polygon (POL) Price Analysis
The Polygon token has reclaimed its position in the top 30 cryptocurrencies with a weekly price surge of ~50%. With this, this Ethereum-based Layer-2 altcoin is regaining momentum and preparing itself to achieve a multi-year high this bull run. We at CoinPedia have created an in-depth Polygon price analysis and possible short-term price targets.
After recording a new yearly low, the Polygon price has experienced a strong bullish reversal. This has resulted in this altcoin reclaiming an 8-month high. Moreover, the altcoin is on the verge of possibly breaching the resistance level of the channel pattern, highlighting increased bullish sentiment.
Moreover, with a surge of 143.36% during November, this altcoin has breached its resistance trendline of the descending channel pattern and has further formed an ascending channel pattern. Notably, this altcoin continues trading within it with a constant bullish price action.
The EMA 50/200-day is on the path of experiencing a Golden Cross in the daily time frame, suggesting an increase in the buying-over-selling pressure for this Layer-2 token in the cryptocurrency space.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the 1D time frame. Moreover, with its averages recording a constant uptrend, the Polygon price may continue gaining momentum this week.
Maintaining the price above its support level of $0.690 could set the stage for this altcoin to prepare to retest its resistance level of $0.890. Furthermore, if the bullish momentum sustains at that point, this could result in it retesting its target price of $1.
Conversely, if the crypto market experiences an increase in liquidations, the POL coin price could retest its support level. Furthermore, if the bears dominate the crypto space, the MATIC price could retest its low of $0.50.
Wondering what’s next for POL crypto once it achieves the $1 mark? Read our Polygon Price Prediction to understand the potential long-term price targets.
With a 24-hour trading volume of $1.259 billion, this altcoin is presently changing hands at $0.7368.
It will require a surge of 307.66% for the Polygon crypto token to achieve the $3 mark.
If the bullish sentiment sustains, this altcoin could reach a maximum trading price of $1.39.
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