Polygon Price Expected to Surge Above $1 According to Analyst
Polygon has experienced a moderate pullback after breaking above the $0.20 level, which may indicate a healthy retracement as it prepares for an upward move. Key observations include:
- The price structure shows bullish tendencies on higher timeframes.
- POL rebounded from the lower boundary of a long-term descending channel.
- Analyst MasterAnanda highlights a bullish divergence on the 3-day chart, suggesting a potential reversal.
- The Relative Strength Index (RSI) indicates that downtrend momentum is weakening.
- Recent volume increases and broader market recovery support this view.
After hitting a low on April 7, the price climbed to $0.267 by April 22 before facing resistance. This pullback may be a retest of the upper boundary of the descending channel, often preceding major breakouts. The analyst predicts a bounce from trendline support could lead to a rally toward $1.
Current price action suggests a potential significant upward move. Analyst MasterAnanda notes:
- The RSI stands in the mid-40s, indicating room for growth if the setup plays out.
- A target of $1.15 is set, marking a full recovery for holders.
- Key interim targets are $0.461 and $0.534, aligning with Fibonacci extension levels.
As of now, Polygon trades at $0.2420.
