Polygon (POL) Experiences a Bullish Surge: How Far Will the 17% Rally Go?

Polygon (previously known as MATIC) has made headlines by experiencing a notable increase of 17.14% in just 24 hours. This price surge has propelled the token to test and surpass critical resistance levels. Current indicators suggest that while the bullish momentum is strong, a potential pullback may be on the horizon.

Key Takeaways

Polygon (POL) surged 17.14% in the last 24 hours, reaching a high of $0.1506.
The token traded around $0.1485 with significant daily trading volume of approximately $221.19 million.
Current market indicators suggest strong buying pressure but may indicate risks of a short-term pullback.
Resistance levels sit around $0.15, with immediate support at $0.1470.

Polygon (POL) Experiences a Bullish Surge: How Far Will the 17% Rally Go?

Polygon's Bullish Momentum: How High Can It Go?

Polygon (formerly MATIC) has captured attention with its significant 17.14% increase over the past day. The coin started the day at a low of $0.1264 and has successfully tested and broken through key resistance levels between $0.1274 and $0.1496. This upswing has allowed the POL price to reach a peak of $0.1506.

Currently, according to CoinMarketCap, Polygon (POL) is trading at approximately $0.1485. Additionally, the daily trading volume has surged significantly by over 127.26%, reaching around $221.19 million.

Will Polygon's Bulls Maintain Their Momentum?

Polygon has displayed a continuous upward trading trend, and its price has potential to rise to about $0.15. If it breaks this barrier, the bullish momentum could further strengthen, possibly pushing the price up to the next resistance level above $0.1516.

However, if the momentum shifts to the bearish side, and the uptrend cannot be maintained, Polygon's price may find immediate support at $0.1470. A further decline could trigger a death cross, potentially pushing the price below $0.1464.

POL chart (Source: TradingView)

The MACD line for POL has crossed above the signal line, indicative of a positive outlook. If this trend continues, it could maintain its upward trajectory. Furthermore, the Chaikin Money Flow (CMF) indicator currently at 0.23 suggests robust buying pressure within the Polygon market. This influx of capital supports the prevailing bullish sentiment.

Despite the strong bullish momentum, indicated by a daily RSI of 74.33, the market is showing signs of being overbought. This could lead to a short-term pullback or consolidation as buying activities may be reaching saturation levels. Additionally, the Bollinger Band Percentage (BBP) value of Polygon at 0.0227 points towards a slight bullish dominance, suggesting that while an uptrend may persist, a significant breakout is less likely at present.

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