Polygon (POL) Reclaims Strength: Will This 6% Spike Spark a Larger Rally?

• Polygon jumped 6% and is now trading at $0.095.
• POL’s daily trading volume has surged by over 21%.

The crypto market stays strong within the bear market by losing over 1.02% instead of attempting a recovery. With extreme fear lingering across the digital assets, the largest and dominant, Bitcoin (BTC) and Ethereum (ETH), are hovering on the downside. Meanwhile, Polygon (prev. MATIC) (POL) has recorded a steady surge of over 6.11% in value. 

In the early hours, the token traded at a bottom level of $0.09066, and with the gradual rise of the bullish wave, the POL price mounted toward a high of $0.09877. At press time, Polygon traded at around $0.09585, with the market cap staying at $1.01 billion. Besides, the daily trading volume is up by over 21.90%, reaching the $104.62 million mark. 

With the early bullish momentum on the 4-hour trading chart, the Polygon price could climb to the $0.096 resistance range. An extended upside pressure may initiate the emergence of the golden cross, and the bulls would take the price further higher. On the downside, if POL wakes its bears, the immediate support level might be around the $0.094 mark. A sturdy bearish correction could trigger the potential death cross to unfold, and likely pull the price lower, which delays the reversal. 

Polygon Eyes Upside as Momentum Indicators Lean Bullish

The technical analysis of Polygon exhibits that the Moving Average Convergence Divergence (MACD) line briefly crosses above the zero line. The short-term momentum has turned mildly bullish, and as the signal line falls below zero, the broader momentum remains bearish.

POL chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator, which settled at -0.01, is almost neutral, showing a very mild selling pressure in the POL market. Significantly, there is no strong accumulation or distribution, and the market is likely balanced, leaning slightly to the bearish side. 

Polygon’s active market sentiment is bullish, but not overbought, with the Relative Strength Index (RSI) at 60.12. Buyers have control, but not to an extreme. The asset has room to move up before hitting 70. It has a healthy bullish momentum. Moreover, the Bull-Bear Power (BBP) reading of POL at 0.0054 implies the bulls are slightly stronger than the bears. Also, as the value is very close to zero, it hints at mild buying pressure in the market, not a strong breakout signal.

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