Polygon whales accumulate as $POL looks ready to breakout – What now? - AMBCrypto Analytics

Technical analysis indicates that a sustained close above $0.4045 could trigger a bullish continuation, targeting a move to the $0.50 level. This would represent an estimated 23.12% upside from the current trading levels. The chart also displays a classic double bottom pattern, signaling a bullish reversal that often marks the end of a downtrend. This pattern forms after two consecutive lows at nearly the same level, highlighting strong support. The breakout above the neckline of the double bottom has already occurred, confirming the start of an uptrend. The measured move of the double bottom points to a potential target near the $0.4100 level, slightly above the current price of $0.3956.

As of press time, the Relative Strength Index (RSI) stands at 63.94, near the overbought territory, signaling strong buying momentum. However, it also suggests that the price might experience a short-term pullback or consolidation before any further upside movement. Additional momentum indicators, such as the MACD, are supporting the bullish outlook. The MACD line has crossed above the signal line, a typical indicator of positive momentum. Green and rising histogram bars further support this bullish trend, confirming the strength of the recent breakout.