Biggest Movers: MATIC Rallies, Hitting Fresh 10-Month High
Polygon has extended recent gains, with prices climbing to a fresh ten-month high during Friday’s session. The token has now risen for a fourth consecutive session, and is up 13% from the same time last week. Polkadot also rallied on Friday, colliding with a key resistance level in the process. Polygon (MATIC)
Polygon (MATIC) rose for a fourth consecutive session on Friday, pushing prices to a fresh ten-month high.
Following a low of $1.36 on Thursday, MATIC/USD rallied to an intraday high of $1.48 earlier in today’s session.
The move pushed polygon to its strongest point since April 22, when prices were at a peak of $1.50. MATIC/USD – Daily Chart
Overall, this latest rally comes as the 14-day relative strength index (RSI) raced past a higher ceiling at 70.00.
At the time of writing, the index is tracking at 73.23, which is its highest reading since late January.
Should momentum continue in this direction, there is a good chance that MATIC could move back above $1.50. Polkadot (DOT)
Polkadot (DOT) also surged in today’s session, as prices ran into a key resistance level earlier in the day.
DOT/USD hit a peak of $6.80 on Friday, which comes less than 24 hours after it traded at a floor of $6.31.
This resulted in polkadot breaking out of a long-term resistance point at the $6.75 mark, four days after trading at support of $6.15. DOT/USD – Daily Chart
A major contributor to the move was the fact that the RSI moved beyond a ceiling at 58.00, and it is currently tracking at 59.02.
DOT bulls likely have a target of $7.00 in the coming days, with an upcoming resistance of 62.00 on the index a possible banana skin.
As of writing, polkadot is up almost 9% from the same point last week.
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Could polkadot move above $7.00 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 Falls Below $25,000 Following Recent Surge MARKET UPDATES | 10 hours ago Biggest Movers: MATIC Hits 10-Month High as AVAX Extends Recent Gains MARKET UPDATES | 1 day ago
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