Polygon price is likely to rally following a month-long consolidation period.
investors could gain by 30% If the daily candlestick flips the 50-day exponential moving average to support. A daily candlestick closing below $0.653 will invalidate this bullish thesis. Polygon price has consolidated for the last 40 days, given the bright outlook on the cryptocurrency market for spot Ethereum Exchange Traded Fund approval by the US Securities and Exchange Commission .
was rejected by a weekly resistance level at $0.738 thrice. The fourth retest, however, looks promising after it bounced off the $0.675 to $0.712 demand zone. If Polygon price flips the 50-day exponential moving average into a support level, investors can anticipate a 30% bullish advance to $0.939, which is the 50% Fibonacci retracement level of the 54% crash noted between March 13 and April 13.
/USDT 1-day chart Despite the optimistic outlook, if Polygon price produces a daily candlestick close below $0.653, it would produce a lower low and invalidate the bullish thesis. This bearish development could see sink 20% to the weekly support level of $0.5907.
Source: News Formal (newsformal.com)
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