POL (Prev. MATIC) Jumps 12%, Will Buyers Keep the Heat On?

• POL jumped over 12%, now trading within the $0.21 range.
• Daily trading volume has surged by more than 72.74%.

The crypto market is attempting a recovery, with the market cap having reached $2.75 trillion. Leading cryptocurrencies, Bitcoin and Ethereum, are hovering within the previous range. Meanwhile, POL (prev. MATIC) has drawn attention by securing a spot on the top gainers list, jumping by over 12.15%.

POL opened the trading day at a low of $0.1956. The bullish wave triggered the asset to mount toward the $0.2219 mark. A sustained upside correction might kickstart a rally. At press time, POL traded at around $0.2196, with the daily trading volume having surged by over 72.74% to $152 million

POL has registered a gain of over 18.12% in the last seven days. The week started trading at $0.1771, and the bulls awakened mid-week and surged to the current trading level

Can POL Hold Its Ground?

POL’s technical chart exhibits the presence of bulls within the market. The Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This implies buying pressure and more upside correction ahead. Besides, the Chaikin Money Flow (CMF) indicator at 0.20 signals the inflow of capital with potent bullish sentiment.

POL chart (Source: TradingView) After the sustained uptick, the green candles emerged, and the asset’s bullish zone is active. The asset might climb to the $0.2256 range. Further upside could initiate the golden cross, driving the price to $0.23

Contrarily, the asset might trigger the bears to appear after it gets repelled at the $0.2060 mark. A steady downside correction has the potential to pull back the price of POL toward $0.19 or even lower. It likely delays the bullish reversal.

*POL chart (Source: TradingView)*Moreover, the asset’s active market sentiment is overbought, with the Relative Strength Index (RSI) found at 80.23, hinting at a potential pullback or correction. The Bull-Bear Power (BBP) value of 0.0350 shows that the bulls are dominant in the market.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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