The price of POL has been up today by around 7%, and it has also broken out of a key pattern, raising bullish signals. Crypto analyst Ali pointed this out in one of his latest posts. The analyst has identified a breakout from a descending triangle pattern, suggesting a potential climb to $0.69.
According to Ali’s analysis, POL has successfully broken through a key resistance level, marking the end of a prolonged consolidation period within a descending triangle pattern.
The descending triangle that Ali identified was formed by a steady horizontal support level around $0.40, coupled with a descending resistance trendline. While such patterns typically suggest bearish continuation, the recent breakout to the upside has invalidated the bearish scenario, potentially setting the stage for a substantial rally.
What you'll learn 👉
Price Targets and Fibonacci Levels
In his detailed chart analysis, Ali points to several key Fibonacci retracement levels that could influence POL’s journey upward. Currently, the price is hovering near the 0.618 retracement level, approximately $0.49, which serves as a crucial pivot point for the next move.
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The projected target of $0.69, highlighted by Ali, isn’t arbitrary. This price objective aligns perfectly with the 0.236 Fibonacci retracement level at around $0.68, a close to 50% spike from current levels. This confluence of technical factors strengthens the credibility of the analysis.
Market Implications and Trading Considerations
The breakout’s sustainability will largely depend on POL’s ability to maintain prices above the former resistance trendline. Traders following Ali’s analysis should watch for potential retests of this level, which could now serve as support. The path to $0.69 may see intermediate resistance at $0.50 and $0.55, corresponding to key Fibonacci levels.
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As with any technical analysis, broader market conditions will play a crucial role in POL’s price movement. However, Ali’s identification of this clean breakout pattern, combined with clear technical levels, presents a compelling case for Polygon’s potential upward trajectory.
The analysis suggests that POL could be on the verge of a significant 50% price increase from current levels, making it a noteworthy development for both traders and long-term Polygon investors.
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