With the possibility of a new altcoin season, long-dormant altcoins are making a comeback. One such token is the Polygon ecosystem token, POL, previously known as MATIC.
Currently, the POL cryptocurrency trades at $0.2453, with a price surge of nearly 40% over the last week. Will the revival of the POL token reach the $0.50 barrier? Let’s find out.
Polygon Price Targets
In the daily chart, the POL price trend showcases a rounding bottom reversal from the $0.1653 level. The decline of the rounding bottom pattern coincided with the 23.60% Fibonacci level at $0.2335.
With the sudden boost in bullish momentum over the last week, Bitcoin Polygon has given a breakout rally. Currently, the POL faces higher price rejection from the declining 100-day EMA line.
Nevertheless, as Polygon sustains above the 23.60% Fibonacci level, the broader market anticipates a post-retest turnaround. Currently, it is forming a doji candle with a 24-hour low at $0.2389.
Supporting the upside potential, the MACD and signal line maintain a bullish trend with a fresh wave of positive histograms. Thus, the momentum indicator reveals a strong bullish momentum, supporting the post-retest reversal chances.
POL Price Targets
Based on the Fibonacci levels, the 100-day EMA breakout rally could reach the 50% Fibonacci level at $0.3437. The declining 200-day EMA line coincides with the 50% level.
Optimistically, the beginning of a new altcoin season could propel the Polygon price to the $0.71 peak. On the flip side, the crucial support remains at the 50-day EMA line at $0.21 and the 20-day EMA line at $0.20.
Polygon Finds New Partner in India After Telecom Giant Reliance
In recent news, Polygon Labs has partnered with PYSE to bring blockchain technology to India’s green mobility sector. The partnership will focus mainly on the electric motorcycles. PYSE’s electric two-wheelers will use Polygon’s infrastructure for fractional ownership, improved transparency, and operational efficiency.
