As Q3 begins, the cryptocurrency market continues to show impressive growth. Ethereum (ETH) has become the leader, and Polygon (POL) shows signs of a potential breakout.
Market Status and Ethereum's Leadership
At the start of Q3, Ethereum is trading around $2625, up by 7% in the past week. This strengthening supports overall optimism in the market and boosts many altcoins.
Polygon (POL) Chart Structure
Recent analysis of POL’s chart shows it has completed a classic falling wedge pattern, which is widely recognized as a bullish reversal formation. This was confirmed when SEI surged past all three major moving averages and increased by 76%. POL appears to have also broken from a falling wedge and is consolidating just beneath its 50-day and 100-day moving average resistance at $0.2097.
Growth Prospects for Polygon
To validate the bullish scenario, POL needs to break and close above the $0.2097 level. This could pave the way for a rally towards its 200-day MA near $0.27, suggesting a potential 40% upside from current levels.
In summary, the examination of charts and current trends in the crypto market indicates that Polygon (POL) may be on the brink of significant growth, provided it manages to break key resistance levels.
