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.
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.
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.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see polygon move above $7.50 in the next few days? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Credit: Source link
