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) 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.
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.
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Do you expect chainlink to hit $8.00 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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