Polygon (POL) Catches a Bullish Breeze: How Far Can the 17% Rally Stretch?

• Polygon rockets 17%, trading at $0.14. 
• POL’s trading volume has skyrocketed by 127%.

With the mixed sentiment across the crypto assets, both the red and green waves are seen on the charts. The overall market sentiment is neutral as of today, with the Fear and Greed Index value resting at 41. Leading cryptocurrencies, like Bitcoin (BTC) and Ethereum (ETH), are losing momentum, currently trading at $89.6K and $3K, respectively. 

However, Polygon (prev. MATIC) (POL) has grabbed the attention by jumping over 17.14% in the past 24 hours. The token opened the day trading at a bottom of $0.1264, and it has tested and broken a few crucial resistance zones between $0.1274 and $0.1496. Then gradually, the POL price mounted to a high of $0.1506. 

With this recent surge in value, Polygon (prev. MATIC) trades at around $0.1485 according to the CoinMarketCap data. In addition, the daily trading volume of the asset has likely skyrocketed by over 127.26%, and is sitting approximately at the $221.19 million mark. 

Do POL Bulls Have Enough Fuel to Keep Pushing Higher?

Polygon (prev. MATIC) has shown an ascending trading pace, and its price might rise to the resistance near $0.15. Upon breaking this range, the asset’s bullish pressure strengthens and pushes the golden cross out, testing the subsequent resistance above the $0.1516 level. 

If the asset’s momentum takes a turn toward the bearish side, instead of sustaining the uptrend, the Polygon (prev. MATIC) price would find its nearby support at $0.1470. Further correction on the downside invites the death cross to unfold, sending the price below $0.1464. 

POL chart (Source: TradingView)

The MACD line of POL has moved above the signal line, likely hinting at a positive outlook. Also, it might continue the upside momentum if it stays strong and moves ahead. Besides, the CMF indicator found at 0.23 reflects strong buying pressure in the Polygon (prev. MATIC) market. Notably, the money is flowing into the asset, supporting the bullish bias.

With the overbought market sentiment, POL has a strong bullish momentum, as the daily RSI stood at 74.33. There is a risk of a short-term pullback or consolidation, as buying pressure may be overheating. Moreover, the BBP value of Polygon (prev. MATIC) at 0.0227 implies slight bullish dominance. This weak uptrend may continue rather than a decisive breakout.

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