Biggest Movers: MATIC Nears 3-Month High, as LINK Extends Recent Gains
Polygon rose to its highest level since early November on Friday, as markets reacted to the latest U.S. consumer sentiment data. Sentiment rose to 64.9 in January, up from a reading of 59.7 in December. Chainlink also surged in today’s session, hitting its strongest point in nearly two months. Polygon (MATIC)
Polygon (MATIC) was a big gainer on Friday, as prices rose to their highest point in 11 weeks.
Following a low of $1.07 on Thursday, MATIC/USD raced to an intraday peak of $1.15 earlier today.
As a result of this, polygon moved to its strongest point since November 11, which is the last time prices were trading at this point of resistance. MATIC/USD – Daily Chart
Looking at the chart, the surge took place when the 14-day relative strength index (RSI) broke out of a ceiling at 69.00.
As of writing, the index is tracking at 72.14, and appears to be en route to a ceiling at the 77.00 mark.
Should this occur, there is a strong possibility that MATIC will be trading above the $1.20 mark. Chainlink (LINK)
Another notable mover on Friday was chainlink (LINK), which also surged to a multi-month high.
LINK/USD jumped to a high of $7.33 earlier in the day, which comes less than a day after falling to a low of $6.93.
This rally in price pushed chainlink to its highest point since December 5, breaking it out of a price ceiling in the process. LINK/USD – Daily Chart
As can be seen from the chart, LINK climbed past its resistance level of $7.25, however the RSI was unable to also achieve this feat.
Price strength is currently at a reading of 64.15, which is marginally below a ceiling at 65.00.
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Do you expect chainlink to move towards $7.50 this weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Data MARKET UPDATES | 10 hours ago Biggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data MARKET UPDATES | 1 day ago
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