Fun

Biggest Movers: MATIC Retreats From 12-Week High on Monday

News Feed - 2023-01-31 01:01:24

Biggest Movers: MATIC Retreats From 12-Week High on Monday


Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing. Polygon (MATIC)


Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.


MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday.


Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20. MATIC/USD – Daily Chart


Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI).


As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00


Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.


Chainlink (LINK)


Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.


Following a high of $7.45 on Sunday, LINK/USD declined to a low of $6.98 earlier in the day.


Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50. LINK/USD – Daily Chart


As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a point of support.


The index is currently tracking at 56.06, with a floor of 55.00 the next visible target for bears.


Bulls are likely still present, however, and could look to make a move above $7.50 in the coming days.


Register your email here to get weekly price analysis updates sent to your inbox:


Could we see polygon move above $7.50 in the next few days? 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 Rise in First Month of 2023 Moves Crypto Fear Index From "Extreme Fear" to "Greed" MARKET UPDATES | 5 hours ago Bitcoin, Ethereum Technical Analysis: BTC Nears $24,000 Following Weekend Rally MARKET UPDATES | 10 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleArmoring Products Launches Revolutionary ARMOC Token, Revolutionizing $72 Billion Vehicle Armor Industry Next articleUnbanked and Mastercard Team Up to Accelerate Crypto Card Adoption Within Web3 Organizations in Europe Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals


A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Turner Wright9 hours agoJury hears Sam Bankman-Fried’s testimony: ‘A lot of people got hurt’The former FTX CEO returned to the witness stand to present his testimony to a jury of 12 people as the criminal trial beg
India’s Central Bank RBI Discusses Digital Currency and CBDC Launch With Minimal Impact on Monetary Policy
India"s Central Bank RBI Discusses Digital Currency and CBDC Launch With Minimal Impact on Monetary Policy India’s central bank, the Reserve Bank of India (RBI), says a basi
Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday
Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday Dogecoin rose by over 6% to start the week, as prices moved back towards a key resistance level. The meme coin moved
Ezra Reguerra11 hours agoJapanese exchange plans to start digital securities trading on Dec. 25Ichigo, based in Tokyo, plans to offer over $20 million worth of digital securities backed by real estate on the Osaka Digita
Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glassnode
Nancy Lubale1 hour agoBitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — GlassnodeBitcoin price displayed surprising strength after various market participants absorbed over 48,000 BTC that
Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy
Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy Solana was up by as much as 20% on Friday, as the token rebounded following recent declines. The token which drop
‘Ultra Sound’ Money — Simulation Shows Ethereum’s Inflation Rate Is Significantly Lower Using Proof-of-Stake
"Ultra Sound" Money — Simulation Shows Ethereum’s Inflation Rate Is Significantly Lower Using Proof-of-Stake Its been 105 days since Ethereum transitioned from a proof-of-work
Paris Blockchain Week recap: Optimism abounded as the Bitcoin halving approaches
Tristan Greene6 hours agoParis Blockchain Week recap: Optimism abounded as the Bitcoin halving approachesFrom Tim Draper"s $250K BTC prediction to Ubisoft’s newest web3 game, Paris Blockchain Week didn’t disappoint.2
Cryptowisser: 51 Crypto Exchanges Dead in 2022 – Exchange Deaths Down 40% Despite Crypto Winter
Cryptowisser: 51 Crypto Exchanges Dead in 2022 - Exchange Deaths Down 40% Despite Crypto Winter press release PRESS RELEASE.Cryptowisser, a leading Crypto service comparison website
Bear or bull: Survey reveals 49% are bullish about crypto
Jesse Coghlan7 hours agoBear or bull: Survey reveals 49% are bullish about cryptoA recent CoinGecko survey of 2,500 respondents shows that just under half are currently bullish about crypto, and a quarter haven’t worke
UK Police Seize USB Stick With Ethereum Worth $9.5 Million
UK Police Seize USB Stick With Ethereum Worth $9.5 Million British detectives have seized $22.25 million from operators of an international cryptocurrency scam.
US Lawmaker Urges SEC to Go After Major Crypto Exchanges That Traded XRP
US Lawmaker Urges SEC to Go After Major Crypto Exchanges That Traded XRP U.S. Congressman Brad Sherman has urged the U.S. Securities and Exchange Commission (SEC) to go after major