Polygon rose to its strongest point since last April, as prices rose as much as 6% on February 8. The token rallied for the second session in a row, after snapping a three-day losing streak on Tuesday. Cosmos rallied higher in today’s session as well, as it approached recent highs.
Polygon (MATIC)
Polygon (MATIC) extended a recent rally on Wednesday, with prices jumping to a 10-month high.
After a low of $1.22 on Tuesday, MATIC/USD reached an intraday high of $1.31 in today’s session.
Today’s move sent MATIC/USD to its strongest point since April 26, 2022, when the token was at a high of $1.36.
As can be seen on the chart, the rise in price sent the 14-day RSI to a long-term resistance point of 71.00.
So far, the bullish momentum has not been strong enough to break through this zone, with the index now tracking 69.83.
If a break occurs in the next few days, traders are likely to go looking for a top of $1.35.
cosmos (ATOM)
Another notable engine in the day of the hump was cosmos (ATOM), which also approached a recent multi-month high.
ATOM/USD rose to a high of $15.18 earlier in the day, which comes after trading as low as $14.32 on Tuesday.
This resulted in ATOM approaching a long-term resistance level at $15.20, and not far from last Friday’s high of $15.44.
The aforementioned top was the strongest point the Cosmos had touched since Nov. 5, and it looks like the bulls are looking to recapture it.
At time of writing, the RSI is at 64.23, and to achieve this, a move beyond the next 65.00 top must occur.
The overall momentum still appears to be bullish, with higher highs possible as the session progresses.
Sign up your email here to receive weekly price analysis updates in your inbox:
Do you expect Cosmos to break above $15.44 this week? 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 a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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.
