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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.


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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


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