Polygon was up by practically 20% to begin the week, because the token rallied to its highest degree since Could. At present’s surge comes as crypto markets have been principally within the inexperienced, with avalanche additionally hitting multi-week highs, and as of writing, is up by over 10% on the day.
Polygon (MATIC)
Polygon (MATIC) was one of the vital notable gainers in crypto markets on Monday, as costs rose by practically 20%.
Following a low of $0.7464 on Sunday, MATIC/USD raced to an intraday excessive of $0.9269 to begin the week.
That is the best degree the token has traded at since Could 9, when costs have been falling beneath the $1.00 mark.
Simply over eight weeks later we are actually on the cusp of re-entering the $1.00 area, as bullish stress continues to mount.
On account of this mid-term upside momentum, the 10-day transferring common has continued to increase its crossover with the 25-day MA, which was the catalyst behind this latest rally.
Nevertheless, it should be famous that the 14-day RSI is monitoring above 77, which is its increased studying since October 2021, and this may very well be one of many greatest obstacles stopping MATIC from recapturing the $1.00 degree.
Avalanche (AVAX)
One other large mover on Monday was avalanche (AVAX), which additionally rose by over 10% in at this time’s session, hitting multi-week highs within the course of.
Earlier at this time, AVAX/USD rose for a sixth straight day, hitting a peak of $24.08 within the technique of this run.
The transfer noticed costs transfer previous a key resistance degree of $21.10, which has been held in place since June 9.
Since breaking this ceiling, bulls look to be focusing on one other one, with the $28.00 mark showing to be the following focal point.
Much like polygon’s chart, the RSI right here signifies that costs are at the moment overbought, with the index at the moment monitoring at 62.8.
That is its most since April 4, nonetheless worth power would wish to move in the direction of 70 if AVAX is to proceed its upward pattern.
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