POL eyes further gains as momentum resurfaces :

POL edges higher by over 2% at press time on Monday, extending the 8% gains from Sunday. The uptrend exceeds the $0.2750 supply zone and the 38.2% Fibonacci level at $0.28222, which is drawn from the $0.7685 high on December 3 to the $0.1519 low on April 7.

A decisive close above this Fibonacci level could further drive the rally to the 50% retracement level at $0.3417.

The momentum indicators on the daily chart suggest increasing bullishness in POL. The Relative Strength Index (RSI) at 64, pointing upwards, indicates a surge in buying pressure and room for further recovery before the trend reaches overbought levels. A sideways movement at the overbought levels could extend the breakout rally in POL.

The Moving Average Convergence Divergence (MACD) indicator signalled a buy opportunity on Saturday as the MACD crossed above its signal line. It indicates a rise in bullish momentum as the uptrend in average lines continues with rising green histogram bars.

Looking down, a reversal in POL below the 200-day Exponential Moving Average (EMA) at $0.2605 could invalidate the breakout chances. In such a scenario, the Ethereum layer-2 token could drop to the 50-day EMA at $0.2373.
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