Biggest Movers: XMR Moves to 5-Week High, Despite Crypto Selloff
Biggest Movers: XMR Moves to 5-Week High, Despite Crypto Selloff Monero moved to its highest level in five weeks on Thursday, despite crypto markets mainly trading in red. The toke
Biggest Movers: ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September
News Feed
-
2022-10-25 12:10:34
Biggest Movers: ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September
Cardano closed in on a one-week high to start the week, as the token climbed for a fourth straight session. Polygon was also in the green, and collided with a key resistance level in the process. Overall, the global crypto market cap is currently 1.30% higher as of writing this analysis. Cardano (ADA)
Cardano (ADA) climbed for a fourth straight day to start the week, pushing it closer to a one-week high in the process.
Less than 24 hours after falling to a low of $0.3498, the token surged to an intraday high of $0.3646 earlier today.
The move saw ADA/USD hit its highest point since last Tuesday, moving towards a price ceiling in the process. ADA/USD – Daily Chart
Looking at the chart, the aforementioned resistance of $0.3755, which was last hit on October 18, and seems to be the target for current bulls.
In order to recapture this point, traders will first need to climb another resistance, this time on the 14-day relative strength index (RSI).
As of writing this, the index is tracking at 34.57, which is marginally below a ceiling of 36.50. Polygon (MATIC)
Another notable mover on Monday was polygon (MATIC), which rose to a multi-week high.
Following a low of $0.8284 during Sunday’s session, MATIC/USD raced to a peak of $0.9067 earlier today.
Today’s surge saw MATIC climb to its strongest point since September 13, when the token was trading at $0.94. MATIC/USD – Daily Chart
As can be seen from the chart, Monday’s high is slightly above a ceiling of $0.90, which has been in place for the last six weeks.
It seems apparent that traders are looking to break this ceiling, however, a hurdle of 64.00 on the RSI must first be overcome.
Both the 10-day (red) and 25-day (blue) moving averages seem to be trending higher, which could be a sign of further pending rallies.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story ada, Analysis, Cardano, Crypto, matic, Polygon, Technical Analysis, trading
Will polygon hit $1.00 next month? 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 retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: Ethereum Back Above $1,300 to Start the Week MARKET UPDATES | 11 hours ago Biggest Movers: QNT Extends Recent Gains, Climbing by 10% on Saturday MARKET UPDATES | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMining Rig Manufacturer Canaan Launches 2 New ASIC Bitcoin Miners With up to 130 Terahash Next articleA Crypto Rewards Platform That Promised 40% APY Halts Withdrawals, Citing ‘Market Fluctuations’ 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 ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing