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Technical Analysis: Cosmos Decline Continues, as Polygon Surges

News Feed - 2022-01-27 04:01:43

Technical Analysis: Cosmos Decline Continues, as Polygon Surges


Ahead of Wednesday’s FOMC meeting, cryptocurrency markets were once again trading higher, with polygon (MATIC) being one of today’s biggest gainers. Despite the top 20 mainly trending upward, some in this list were mainly lower during the course of the session. Biggest Gainers


Polygon (MATIC), which was one of the biggest gainers within the top 20, was up by as much as 12% in Wednesday’s session, hitting an intraday high of $1.72 in the process.


The move saw MATIC/USD bounce from its support level of $1.49, and attempt to make a run for resistance at $1.77.


Today’s rally saw prices rise by their most in 4-days, leading to the RSI moving from 33, to a reading of 37, which is the biggest gain in price strength since January 20th.


Although there has historically been increases in price at the current rate, should MATIC/USD find its way to $1.80, market uncertainty could likely increase. MATIC/USD – Daily Chart


Looking at the chart below, there appears to be several bearish candlesticks at this level, which could mean those bulls who entered at $1.49, may likely begin to take profit the closer we get to resistance.


Traders will now wait to see how this move plays out as we head to the end of the day. Biggest Losers


Although most cryptos in the top 20 were in the green during most of today’s session, there were a few exceptions, with cosmos (ATOM) being one of them.


ATOM fell for the second consecutive session, falling by as much as 9%, resulting in it hitting a low of $33.47 in the process.


The selloff took place at the $36.25 resistance level, which has been a long-established ceiling in terms of price movement.


Looking at the chart, a downward cross between the 10/25-day moving averages has also occurred, which could mean that the current bearish momentum may continue in upcoming days. ATOM/USD – Daily Chart Tags in this story Analysis, atom, Bears, Bulls, cosmos (ATOM), Polygon (MATIC), Technical Analysis


Could we be headed to support at $29? Let us know your thoughts in the comments section below. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Nears 10% Gain, BTC Inches Toward $40,000 MARKET UPDATES | 8 hours ago Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Tradingview, Previous articleFTX US Raises $400 Million in Series A, Trading Platform’s Valuation Now $8 Billion Next articleStudy Shows Dogecoin, XRP Saw Largest Network Fee Increases Last Year 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 ItIndian Government Needs More Time to Finalize Crypto Bill: Report


Indian government officials reportedly said that India"s cryptocurrency bill will require more time because crypto is a complex subject. The bill is therefore unlikely to be introduced in the upcoming session of parliament. The government reportedly wants to hold more ... read more.These Are the Crypto Economy"s 10 Most Expensive Assets per Unit in 2022 Bitcoin Mining Difficulty Reaches Lifetime High, It"s Now More Difficult Than Ever Before to Find a Block Reward Report: A16z to Raise $4.5 Billion for Crypto Investments Indonesian Religious Organization Issues Decree Forbidding Use of Crypto by Country"s Muslim Population

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