Polygon has bullish potential, major higher high exposed!

Time flies. It's been more than a month since we last looked at Polygon (POLUSDT), and it looks good to be honest.

Polygon is trading above the early January low, soon to be three months sustaining the same bottom. Only briefly in late January-early February we see a break of this level but nothing more than a stop-loss hunt event, which is bullish.

The market movers were removing weak hands and only because the market is about to rise. If the trend was bearish, there wouldn't be a need for a stop-loss hunt, it just goes straight down breaking all support.

This chart gives us bullish potential. Not necessarily bullish conditions but a new bullish wave can develop as long as the action stays above support.

We continue to patiently wait for the development of the next bullish market phase.

First, POLUSDT was moving within a downtrend. Then, it went sideways and sideways remains. Last, it can change direction. See the green arrow on the chart.

Resistance has been found at 0.5 Fib. extension, fully confirmed. Since we have a lower low, it is possible that strong resistance is found around this level once more on the way up. Since the low was shy, it is likely that it breaks and the break of resistance opens up the next major level as a higher high.

Not necessarily 1.618, can be 1, 1.236, etc. Yet, this is a good chart setup.

Thank you for reading.

If you enjoy the content make sure to follow. I share new charts every single day. Hundreds of charts every month... For your entertainment and educational purposes only of course. Not financial advice.

Namaste.