POL on its way to $0.70 on the 4H chart
Based on the chart, the belief that POL is likely heading toward $0.70 stems from several technical indicators and patterns:
Ascending Channel: A green upward sloping channel has been drawn on the chart, and the current price action is following this trend. The price is bouncing off the lower trendline, indicating support, and it is expected to continue following the pattern upwards within this channel.
Support Levels: There are several well-established support levels (green horizontal lines) below the current price. These support levels have historically helped the price rebound upward. As long as these supports hold, the bullish trend within the ascending channel is likely to persist.
Resistance Levels: The chart shows orange horizontal lines marking previous resistance levels, notably at around $0.70. The price action is currently far from this resistance level, but it appears to be targeting it. The gradual rise within the channel suggests a slow climb toward this level.
Volume Spike: There’s an evident volume spike near the current price levels, indicating heightened buying interest. This volume surge could be a signal of accumulating demand, pushing the price upward.
Supertrend and Other Indicators: The use of the Heikin Ashi Smoothed Buy Sell v4, Supertrend, and Crypto_POON Trader Trading Strategy indicators adds further confidence. The indicators appear to be favoring a bullish trend, which aligns with the view of reaching $0.70 as the next major target.
Technical Bounce from Recent Lows: The price recently touched a low point near $0.30 but has since rebounded off this low with a strong upward move, which is consistent with a recovery pattern. The upward movement has already started within the green channel, indicating the potential for continued upward momentum.
In summary, the combination of the ascending channel, strong support levels, a volume increase, and bullish technical indicators all suggest that the price of POL is on track to potentially reach $0.70. The red trajectory within the green channel indicates the expected oscillations on the way to this target, while maintaining the general upward trend.
Ascending Channel: A green upward sloping channel has been drawn on the chart, and the current price action is following this trend. The price is bouncing off the lower trendline, indicating support, and it is expected to continue following the pattern upwards within this channel.
Support Levels: There are several well-established support levels (green horizontal lines) below the current price. These support levels have historically helped the price rebound upward. As long as these supports hold, the bullish trend within the ascending channel is likely to persist.
Resistance Levels: The chart shows orange horizontal lines marking previous resistance levels, notably at around $0.70. The price action is currently far from this resistance level, but it appears to be targeting it. The gradual rise within the channel suggests a slow climb toward this level.
Volume Spike: There’s an evident volume spike near the current price levels, indicating heightened buying interest. This volume surge could be a signal of accumulating demand, pushing the price upward.
Supertrend and Other Indicators: The use of the Heikin Ashi Smoothed Buy Sell v4, Supertrend, and Crypto_POON Trader Trading Strategy indicators adds further confidence. The indicators appear to be favoring a bullish trend, which aligns with the view of reaching $0.70 as the next major target.
Technical Bounce from Recent Lows: The price recently touched a low point near $0.30 but has since rebounded off this low with a strong upward move, which is consistent with a recovery pattern. The upward movement has already started within the green channel, indicating the potential for continued upward momentum.
In summary, the combination of the ascending channel, strong support levels, a volume increase, and bullish technical indicators all suggest that the price of POL is on track to potentially reach $0.70. The red trajectory within the green channel indicates the expected oscillations on the way to this target, while maintaining the general upward trend.
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