Polygon raced to a three-week excessive throughout right now’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was additionally within the inexperienced, because the token surged for a second straight day, rising by virtually 10% within the course of. General, the worldwide crypto market cap is up 3.06% as of writing.
Polygon (MATIC)
Polygon (MATIC) was one in all Tuesday’s large movers, because the token climbed to a three-week excessive following yesterday’s false breakout.
MATIC/USD began the weekend buying and selling at a low of $0.7548, which was marginally beneath its flooring of $0.7690.
Nevertheless, as bullish sentiment returned to crypto markets, the token raced to an intraday excessive of $0.8336 earlier right now.
This excessive is the strongest level that polygon has hit since mid-September, and comes because the 14-day relative energy index (RSI) hit its highest level in over three weeks.
As of writing, the index is now monitoring at 55.90, which is marginally beneath the next level of resistance of 57.65.
Ought to this impediment be overcome, then we’ll possible see the token rise nearer to the $0.8500 degree.
Chainlink (LINK)
Just like MATIC, chainlink (LINK) additionally rose on Tuesday, after costs bounced from a key assist level.
Following a collision with its long-term flooring at $7.10 on Monday, LINK/USD rallied to an intraday excessive of $7.72 earlier right now.
Tuesday’s rally sees the world’s twenty second largest token climb for a second consecutive session, shifting nearer to a ceiling of $8.05 within the course of.
Trying on the chart, the 10-day (purple) shifting common (MA) has crossed over the 25-day (blue) MA, which normally alerts the start of a bull run.
To ensure that the shifting averages to keep up right now’s upward momentum, we’ll possible must see the RSI climb previous a number of upcoming ceilings.
As of writing, the index is monitoring at 53.37, with the primary hurdle being the 55.00 level, and thereafter 58.30 might pose an excellent larger risk to bulls.
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