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Polygon’s worth motion over the previous week has been characterised by a average pullback following what initially seemed to be a decisive breakout above the $0.20 degree. This dip, relatively than signaling weak spot, could the truth is symbolize a wholesome retracement because the cryptocurrency prepares for a new upward move.
The worth construction seems bullish on increased timeframes, particularly after POL not too long ago 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.
Traditional Bullish Divergence Factors To Imminent Breakout
In accordance with technical analyst MasterAnanda on TradingView, the Polygon ecosystem token (POLUSDT) is presently 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 Energy Index (RSI) had already bottomed earlier in July 2024 and has since been forming increased lows.
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As famous by the analyst, this mismatch between the value and the momentum indicator is a basic sign that the downtrend could also be dropping steam. The sign is strengthened by the recent increase in volume and the broader bullish restoration observed across 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, possible a retest of the higher boundary of the descending channel.
This motion is important as a result of retests of this nature typically precede main breakouts. Maintaining this in thoughts, the analyst predicted a profitable bounce from the trendline help, which may begin a sustained rally towards $1.
Polygon To $1: Window Of Alternative Narrowing
Analyst MasterAnanda famous that the present worth motion is merely a relaxed earlier than an enormous transfer. “The market is giving us one final probability to purchase all we would like earlier than huge progress,” the analyst stated, implying {that a} robust impulsive wave could possibly be subsequent. The RSI is presently within the mid-40s, and if the bullish setup performs out, a swift transfer to the 70+ zone may happen.
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When it comes to a worth goal, the analyst predicted a full restoration above $1 with a particular goal of $1.15. This could mark a full restoration for POL holders who have been holding all through the downturn in 2025. This degree corresponds to the 1.618 degree 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 may 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
