Over the past few days, the Polygon price has found itself trading in an increasing bullish trend. This has resulted in the POL crypto price on the verge of retesting its key resistance level around the $0.2210 level. Furthermore, if this altcoin breaches this price point, this could result in it experiencing a major bullish reversal this month.
However, the current market sentiments are unable to determine whether the change would result in a breakout or breakdown as the altcoin is still under a transnational phase.
POL Crypto Price Retests Its Key Resistance Level!
At the time of writing, Polygon price was trading at $0.2246 with a 5.35% increase over the last 24 hours. Moreover, it is waiting to break out of its recent range at the mid-Bollinger Band price at around the $0.2261 level. This price has been hovering within an upward channel since its support well fitted in the $0.1898 area.
Adding to this, it is currently making a climb towards the resistance zone in the $0.2750.
The Bollinger Bands show a sign of a small squeeze, which forecasts a violent move in most cases. With the BB indicator now narrowing shows a signal that a decisive price move is about to take place.
Additionally, the trading volume at $46.81 million and with the recent sessions are experiencing green volume bars, indicating that buyers may start regaining interest gradually. Notably, a sustained bullish action will require a break above the channel resistance.
In case bulls maintain the momentum above the $0.2260, the next possible upside target would be expected at $0.2750. An intensified bullish action at that point may result in it heading toward its upper price target of $0.3325.
Conversely, in case the price does not manage to maintain above the $0.2210, it would decline to its immediate support trend level of $0.1898 or its lower support of $0.1665. Notably, these levels have been a major accumulation point in the past and will probably be tested again in a bearish condition.
Conclusion
Although Polygon records signs of accumulation and bullish attempts, the market has not yet gained momentum. At this point, a confirmed breakout may lead to a major rally whereas any kind of rejection here might result in another pullback.
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Disclaimer: The Crypto Times does not endorse or promote this digital asset in any manner. This article was created only for educational purposes. Make sure to “DYOR” as the market is highly volatile. New positions should be done by traders being careful and awaiting volume-backed breakouts.
