Dogecoin

bullish

Polygon

Reversal

<ul class="wp-block-list">
 <li>Polygon shows potential for major rally despite recent underperformance</li>
 <li>Technical indicators reveal bullish crossover signals</li>
 <li>Analyst projects ambitious $36 price target</li>
</ul>
<p><a href="https://thenewscrypto.com/?s=Polygon" target="_blank" rel="noopener noreferrer nofollow">Polygon</a> (POL) appears poised for a price surge despite its recent underwhelming performance, according to leading blockchain analyst <a href="https://x.com/ali_charts/status/1859332135250964713" target="_blank" rel="noopener noreferrer nofollow">Ali Martinez</a>.</p>
<p>While the broader cryptocurrency market has experienced substantial gains, Polygon’s modest 2.73% daily and 17.41% weekly increases have left investors questioning its competitive edge against peers like <a href="https://thenewscrypto.com/?s=Dogecoin" target="_blank" rel="noopener noreferrer nofollow">Dogecoin </a>and XRP, which have delivered returns exceeding 120%.</p>
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   <p lang="en" dir="ltr">I believe <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Polygon</a> <a href="https://twitter.com/search?q=%24POL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$POL</a> could stage one of the most hated rallies! While sentiment remains bearish, bullish signals are piling up:<br><br>– Price bounced off the triangle's x-axis<br>– Stoch flipped bullish<br>– MACD is on the verge of a bullish crossover <a href="https://t.co/h9xicj72oa" rel="noopener noreferrer nofollow">pic.twitter.com/h9xicj72oa</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1859332135250964713?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 20, 2024</a>
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<p>However, Martinez suggests a “hated rally” could be imminent, based on emerging technical patterns. The analyst’s detailed examination reveals that Polygon’s price has recently bounced off the x-axis of a descending triangle, establishing a critical technical foundation.</p>
<p>This pattern typically precedes significant upward movement, particularly if the asset can breach the triangle’s descending trendline resistance.</p>
<h2 class="wp-block-heading" id="h-polygon-stochastic-oscillator-presents-bullish-signals">Polygon Stochastic oscillator presents bullish signals</h2>
<p>Supporting this bullish outlook, the Stochastic oscillator presents encouraging signals, with the %K line (blue) crossing above the %D line (orange), traditionally indicating growing buying pressure and potential trend reversal.</p>
<p>The MACD indicator further reinforces this positive sentiment, approaching a bullish crossover as the MACD line nears the signal line, while histogram bars show diminishing negative momentum.</p>
<p>Perhaps most notably, Martinez’s chart analysis points to an ambitious price target of $36. This projection would represent an extraordinary 8,216% appreciation from the current price of $0.4329, highlighting the significant potential upside if technical patterns play out as anticipated.</p>
<p>On-chain metrics add weight to the bullish thesis, with Martinez noting a marked increase in daily active addresses, transaction volume, and whale activity over the past two days. These fundamental indicators often precede positive price action, suggesting growing market interest in Polygon.</p>
<p>Looking at specific price targets, Martinez identifies a longstanding resistance trendline dating back to Polygon’s December 2021 peak. Breaking this barrier could trigger a cascade of upward movement, with initial targets at $0.89 (167% gain) and $8.00 (2,387% increase) before potentially reaching the ultimate $36 target.</p>

Polygon (POL) Primed for “Hated Rally” as Technical Indicators Signal Reversal

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TheNewsCrypto

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