- POL has surged by over 22.24% over the past week.
- Market fundamentals suggested a potential upsurge to a recent high of $0.45.
As an analyst with over two decades of experience in financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in Polygon (POL) has caught my attention due to its impressive performance over the past week. A rise of 22.24% is not something that happens every day, especially in such a volatile market as cryptocurrencies.
Over the past month, I’ve noticed a significant change in Polygon‘s [POL] trajectory after a prolonged downturn. Following a dip to a local minimum of $0.2853, this altcoin has displayed a robust rebound.
Currently, Polygon is being traded at approximately $0.3868, representing a 8.0% increase over the previous day. Additionally, it has experienced a 22.24% growth in the last week and a potential additional 5.38% rise in the upcoming month if the bullish trend continues.
This bullishness is further witnessed in the increased trading activities. As such, trading volume has increased by 219.75% in 24 hours.
As a crypto investor, I’ve been pondering about the potential path of POL, given the current market conditions that have left even seasoned analysts in deep thought. Among them is Man of Bitcoin, a widely recognized figure in the crypto space, who sees a possible upward trend based on his interpretation of Elliot wave theory, specifically pointing towards wave 5.
Market sentiment
In his analysis, Man of Bitcoin posited that POL has made an impulsive move to the upside.
As he explained, this action propelled the altcoin towards the falling trendline, where it is currently gathering strength.
After this price increase, the nearby resistance points at approximately $0.377 and $0.348 might stabilize to sustain a positive trend.
So far, if POL maintains its current position, it might bolster the altcoin to overcome the falling trendline. Overcoming this position would be a strong sign that Wave 5 is forming.
What price charts suggest
It’s important to also examine other market signals to see what they may be suggesting about the potential of this altcoin. This will help us get a more comprehensive view.
At this moment, I’m observing a robust uptrend in AMBCrypto’s POL, marked by heightened purchasing activity.
It’s clear that the Directional Movement Index (DMI) of Polygon has increased, as indicated by an upward trend in its Positive Directional Indicator (+DI), which currently stands at 35. Meanwhile, the Average Directional Index (ADX) is also at 34.
Furthermore, the Relative Strength Index (RSI) of Polygon had increased from 24 to 63. This significant rise in the RSI indicates a higher demand for buying than selling, suggesting a potential bullish trend.
This means the surge in trading activity witnessed over the past day is mainly buyers.
To summarize, the number of significant transactions on Polygon’s network (over 100,000) has stayed elevated, with 27 such transactions taking place just now compared to 19 earlier. This indicates a rise in the accumulation by major investors.
Read Polygon’s [POL] Price Prediction 2024–2025
Essentially, the value of POL is currently on an upward trend and enjoying beneficial market circumstances. If these circumstances persist, we can expect the daily closing price for POL to be approximately $0.4.
A close above this level will strengthen POL to reach $0.45 in the short term.
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2024-11-10 12:07