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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%.