Can Polygon Price Sustain above $1?
Over the past month, the Polygon coin has experienced steady growth, with the price rebounding from $0.718 to $0.9995, resulting in a 40% gain. This V-shaped rally, accompanied by increased volume, indicates an aggressive rally and the dominance of buyers in the market.
On February 18th, the price of the coin broke through a key resistance level of $0.948, providing buyers with a new level to target for further upward movement. However, due to Bitcoin’s sideways movement, the altcoin market, including Polygon, has seen a decrease in bullish momentum.
The daily candlestick chart shows a long rejection candle at the support level of $0.945, suggesting that buyers are experiencing renewed buying pressure. If the price manages to surge from this level, it could potentially increase by 10% and challenge the previous swing resistance at $1.1.
An analysis of the daily chart reveals that the current upward movement is part of a symmetrical triangle pattern that has been forming for the past two years. This pattern is likely to have a significant impact on Polygon’s future price movements.
According to this pattern, if the breakout above $1.1 occurs, it could result in a 20% price increase as it approaches the downward sloping resistance trendline. However, it is important to note that historically, Polygon has faced intense supply pressure at this barrier, which may lead to a continuation of the sideways trend.
Technical Indicator:
- Exponential Moving Average: The slow-moving 200-day EMA suggests that the broader trend is currently sideways.
- Moving Average Convergence Divergence (MACD): A bullish crossover between the MACD and signal line indicates a short-term bullish trend.
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