Polygon pulled back from a multi-month high to start the week as traders moved in to lock in recent gains. Chainlink moved lower as well, as prices were unable to break out of a key resistance level. Market sentiment on cryptocurrencies turned around today, with the global market capitalization trading 2.11% lower at the time of writing.
Polygon (MATIC)
Polygon (MATIC) was one of the more notable moves on Monday, with prices pulling back from recent gains.
MATIC/USD fell to an intraday low of $1.11 to start the week, less than 24 hours after hitting a high of $1.19 on Sunday.
Sunday’s move brought the polygon to its strongest point since November 8, when prices neared a ceiling of $1.20.
Looking at the chart, the decline in MATIC began after a failed breakout of a top on the RSI.
At time of writing, the index is at 62.98, after failing to move beyond a resistance level of 73.00.
Price strength now appears to be looking for a floor, with a target of 60.00 as a possible target for sellers.
Chain Link (LINK)
Chainlink (LINK) was also lower at the start of the week, as the token was unable to move past a key price high over the weekend.
Following a high of $7.45 on Sunday, LINK/USD fell to a low of $6.98 earlier in the day.
As with the polygon, today’s decline in Chainlink came after a failed breakout of the resistance level at $7.50.
At time of writing LINK is back above $7.00 as previous dips have eased a bit. This occurs when the RSI approaches a support point.
The index is currently at 56.06, with a floor of 55.00, the next visible target for the bears.
However, the bulls are still likely to be around and they could look to make a move above $7.50 in the coming days.
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Could we see polygon break above $7.50 in the next few days? Let us know your thoughts in the comments.
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