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Polygon’s worth motion over the previous week has been characterised by a average pullback following what initially gave the impression to be a decisive breakout above the $0.20 stage. This dip, moderately than signaling weak spot, could the truth is signify a wholesome retracement because the cryptocurrency prepares for a brand new upward transfer.
The worth construction seems bullish on larger timeframes, particularly after POL lately rebounded off the decrease boundary of a long-term descending channel. In accordance with a crypto analyst, Polygon could possibly be on the verge of an explosive rally towards the $1 mark.
Basic Bullish Divergence Factors To Imminent Breakout
In accordance with technical analyst MasterAnanda on TradingView, the Polygon ecosystem token (POLUSDT) is at the moment flashing one of many strongest technical reversal indicators within the type of a textbook bullish divergence on the 3-day chart. Price motion hit a brand new low on April 7, 2025, however the Relative Power Index (RSI) had already bottomed earlier in July 2024 and has since been forming larger lows.
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As famous by the analyst, this mismatch between the worth and the momentum indicator is a basic sign that the downtrend could also be shedding steam. The sign is strengthened by the current improve in quantity and the broader bullish restoration noticed throughout the cryptocurrency market.
Zooming in on the 3-day chart construction, POLUSDT skilled a notable rebound after reaching its low on April 7. The worth climbed steadily to $0.267 by April 22 earlier than encountering resistance. What adopted had been two successive bearish candlesticks that appeared to hint a measured pullback, probably a retest of the higher boundary of the descending channel.
This motion is important as a result of retests of this nature usually precede main breakouts. Maintaining this in thoughts, the analyst predicted a profitable bounce from the trendline assist, which might begin a sustained rally towards $1.
Polygon To $1: Window Of Alternative Narrowing
Analyst MasterAnanda famous that the present worth motion is merely a peaceful earlier than an enormous transfer. “The market is giving us one last chance to buy all we want before massive growth,” the analyst stated, implying {that a} sturdy impulsive wave could possibly be subsequent. The RSI is at the moment within the mid-40s, and if the bullish setup performs out, a swift transfer to the 70+ zone might happen.
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When it comes to a worth goal, the analyst predicted a full restoration above $1 with a selected goal of $1.15. This could mark a full restoration for POL holders who’ve been holding all through the downturn in 2025. This stage corresponds to the 1.618 stage on the Fib extension projected from the April 7 low. The Fibonacci extension ranges plotted on the chart present different smaller worth targets on the way in which to $1.15. Most notable are the $0.461 and $0.534 areas, representing the 0.5 and 0.618 extension ranges, respectively, which might function interim consolidation zones.
On the time of writing, Polygon is buying and selling at $0.2420.
Featured picture from Adobe Inventory, chart from Tradingview.com
