Polygon (POL) Price Targets $0.50 with Channel Breakout

Published by

Sohrab Khawas

November 9, 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.

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.

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.

FAQs

What is the current price of Polygon (POL)?

Polygon is trading at $0.3850 with a slight 1.86% intraday pullback.

What are the immediate price targets for POL?

Key targets are $0.4129 (23.60% Fibonacci level) and $0.50 (psychological mark).

What are the key support levels for POL?

Support lies at $0.3667 (50-day SMA) before a potential reversal.

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.