POL Price Breakout Attempt in Motion

💥💥💥

POL has recently moved above the $0.19 resistance area with a notable uptick in trading volume. The token is now attempting to flip its 20-day and 50-day moving averages into support, a classic reversal indicator in crypto price action. Although the short-term oscillators show strength, longer-term moving averages are still flashing caution, suggesting that traders should wait for confirmation before opening aggressive long positions.

The POL price has risen above the descending parallel channel while the CMF has risen above 0, hinting towards a rise in the money inflow. However, the DMI has reached an interesting juncture where the +di & -di have undergone a bullish crossover, and the ADX has been forming consecutive higher highs and lows. Therefore, if the POL price closes the day’s trade above the channel, the bulls may push the price towards the next target at $0.25. However, the possibility of such a rise seems to be unlikely considering the current price action.

The token is facing heavy resistance zones between $0.20 and $0.20-$0.46 due to prior accumulation. Besides, if the Heimdall v2 experiences post-fork bugs and validator lag, sentiment may turn bearish. Besides, broader market weakness or Bitcoin volatility could invalidate POL’s breakout. $POL