Biggest Movers: MATIC Hits 3-Week High, LINK up Almost 10%
Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in the green, as the token surged for a second straight day, rising by almost 10% in...
Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in the green, as the token surged for a second straight day, rising by almost 10% in the process. Overall, the global crypto market cap is up 3.06% as of writing.
Polygon (MATIC)Polygon (MATIC) was one of Tuesday’s big movers, as the token climbed to a three-week high following yesterday’s false breakout.
MATIC/USD started the weekend trading at a low of $0.7548, which was marginally below its floor of $0.7690.
However, as bullish sentiment returned to crypto markets, the token raced to an intraday high of $0.8336 earlier today.
This high is the strongest point that polygon has hit since mid-September, and comes as the 14-day relative strength index (RSI) hit its highest point in over three weeks.
As of writing, the index is now tracking at 55.90, which is marginally below a higher point of resistance of 57.65.
Should this obstacle be overcome, then we will likely see the token rise closer to the $0.8500 level.
Chainlink (LINK)Similar to MATIC, chainlink (LINK) also rose on Tuesday, after prices bounced from a key support point.
Following a collision with its long-term floor at $7.10 on Monday, LINK/USD rallied to an intraday high of $7.72 earlier today.
Tuesday’s rally sees the world’s 22nd largest token climb for a second consecutive session, moving closer to a ceiling of $8.05 in the process.
Looking at the chart, the 10-day (red) moving average (MA) has crossed over the 25-day (blue) MA, which usually signals the beginning of a bull run.
In order for the moving averages to maintain today’s upward momentum, we will likely need to see the RSI climb past several upcoming ceilings.
As of writing, the index is tracking at 53.37, with the first hurdle being the 55.00 point, and thereafter 58.30 could pose an even greater threat to bulls.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect chainlink to hit $8.00 this week? Let us know your thoughts in the comments.
Original source
Read on Bitcoin NewsRelated market context
SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation
SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Na...
Kraken, Chainlink, and Chiliz ride crypto’s biggest mainstream stage as FIFA World Cup kicks off
Crypto's integration into the World Cup could drive mainstream adoption, testing blockchain scalability and potentially boosting i...
Bitcoin Mining Cost Model Points To $47,000 Floor, But Analysts Urge Caution
TL;DR Crypto Rover says Bitcoin has never bottomed below electrical production cost, currently estimated at $47,000. Mining-cost m...
SEC Plan to Scrap Rule 611 Could Be the Biggest Regulatory Unlock Yet for Crypto Tokenized US Stocks
The SEC just removed the single biggest legal obstacle standing between Crypto DeFi and US equity markets. On June 11, the agency...
Backpack’s BP token surges 27% after SpaceX stock debut on Solana
The surge in BP token highlights the growing interest in tokenized equities, potentially reshaping how investors access and trade...
Hester Peirce Farewell Speech Highlights SEC Crypto Rulemaking Divide
TL;DR SEC Commissioner Hester Peirce delivered a farewell speech titled “Peirce Out.” She criticized the agency’s reliance on enfo...