Biggest Movers: MATIC Moves to 10-Month High, ATOM Extends Recent Gains
Polygon rose to its strongest point since last April, as prices rose by as much as 6% on Feb. 8. The token surged for a second straight session, after snapping a three-day losing streak on Tuesday. Cosmos also surged higher in today’s session, as it moved closer to recent highs. Polygon (MATIC)
Polygon (MATIC) extended a recent rally on Wednesday, with prices jumping to a ten-month high.
Following a low of $1.22 on Tuesday, MATIC/USD raced to an intraday high of $1.31 in today’s session.
Today’s move saw MATIC/USD climb to its strongest point since April 26, 2022, when the token was at a high of $1.36. MATIC/USD – Daily Chart
As can be seen from the chart, the surge in price sent the 14-day relative strength index (RSI) to a long-term resistance point of 71.00.
So far, bullish momentum has not been strong enough to pass this zone, with the index now tracking at 69.83.
Should a breakout occur over the coming days, it is likely that traders will target a ceiling at $1.35. Cosmos (ATOM)
Another notable mover on hump day was cosmos (ATOM), which also closed in on a recent multi-month high.
ATOM/USD ascended to a peak of $15.18 earlier in the day, which comes after trading at a low of $14.32 on Tuesday.
This resulted in ATOM moving closer to a long-term resistance level at $15.20, and not far from last Friday’s high at $15.44. ATOM/USD – Daily Chart
The aforementioned top was the strongest point that cosmos had hit since November 5, and it appears as though bulls are looking to recapture this.
As of writing, the RSI is tracking at 64.23, and in order to achieve the above, a move beyond an upcoming ceiling of 65.00 must occur.
Overall momentum still seems to be bullish, with further higher highs possible as the session progresses.
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Do you expect cosmos to move above $15.44 this week? 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: ETH Nears $1,700, Fed Prepared to Maintain Rate Hikes MARKET UPDATES | 10 hours ago Biggest Movers: GRT Hits Highest Point in 9 Months, LTC Snaps Losing Streak MARKET UPDATES | 1 day ago
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