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With a breakout rally in the daily chart, Polygon shows a massive surge and an impressive streak of bullish candles. Will this rally hit $0.80 this month?
As the bullish influence grows over the crypto market, altcoins are heating up for a bull run. For Polygon, the recovery rally aligns with the migration from MATIC token to POL token. With a major network update, investors are expecting massive upside potential in Polygon. Will this update fuel the bull run to new peaks?
Polygon Breakout Run Exceeds $0.50
In the daily chart, Polygon reveals a falling wedge pattern, which has a bearish influence on the price trend. The downfall in the bearish pattern accounts for a 70% decline since March 2024.
However, the underlying bullish sentiments resulted in a sideways shift near the $0.38 support level. With the bullish resurgence, a double-bottom reversal propels the price for a breakout rally. Further, the bullish reversal accounts for a series of eight consecutive bullish candles and a price jump of 38.36%.
The Polygon token currently trades at $0.5424 with an intraday gain of 1.94%. Further, the falling wedge breakout rally shows a massive trending reversal and is ready to challenge the previous peak formation at $0.57.
Regarding the technical indicators, the bullish trend momentum is rising as the VI lines give a positive crossover. Furthermore, the series of consecutive bullish candles exceeds the 20-50-day EMA and challenges the 100-day EMA.
The Shift from MATIC to POL
The ongoing bull run comes with a highly anticipated migration from MATIC to the POL token in the Polygon network on Sept. 4. In the first phase, POL tokens will replace the MATIC tokens as the native gas and staking tokens for the Proof-of-Stake Polygon network.
As the scheduled date inches closer, the bull run picks up pace in the MATIC prices. Furthermore, Coinbase’s support for moving MATIC to POL boosts the market sentiment around Polygon. Coinbase will begin the Polygon migration by changing the ticker from MATIC to POL starting Aug. 26.
Will Polygon Reach $0.80?
Based on the Fibonacci retestment over the correction phase, the bullish trend, reclaiming the $0.50 psychological mark, exceeds the 23.60% level. Currently, Polygon is heading towards the $0.60 or the 38.20% level.
If the bullish momentum sustains, then the 50% and 61.80% levels at $0.69 and $0.80 are potential upside targets. Hence, the upside potential for the Polygon token is up almost 50%.