Polygon rose for a second consecutive session on Friday, climbing by as much as 20%. This surge pushed prices of the token to their highest level since May. Cosmos was another big gainer on Friday, with prices rallying to a five-week high. Overall, the cryptocurrency global market cap is now trading 2.64% higher.

Polygon (MATIC)

Polygon (MATIC) was trading higher for a second consecutive session on Friday, as it rose by as much as 20%.

Following a low of $0.9267 on Thursday, MATIC/USD rallied to an intraday peak of $1.15 earlier today.

Today’s gains took the token to its highest level in exactly six months, when prices were trading above $1.18 on May 4.

Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10%
MATIC/USD – Daily Chart

As can be seen from the chart, the move occurred as prices broke out of a key resistance level of $0.95.

In addition to this, the 14-day relative strength index (RSI) is now tracking near a ceiling of 77.00, for the first time since mid-July.

Prices are now deep in overbought territory, which could be an invitation to bears to begin reentering the market in coming days.

Cosmos (ATOM)

In addition to MATIC, cosmos (ATOM) broke out of a key resistance level of its own, as prices were trading over 10% higher.

ATOM/USD rallied to a high of $14.97 earlier in today’s session, which comes a day after sitting at a bottom of $13.44

This peak has resulted in ATOM hitting its highest point since September 23, when the token failed to move past a ceiling of $15.25.

Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10%
ATOM/USD – Daily Chart

As of writing, prices have already begun to slip, now at $14.73, which comes as the RSI seems to have hit a wall.

Looking at the chart, the index is tracking at 66.50, close to a ceiling of 66.80, which has also been in place since September.

Unless price strength moves beyond this point, it is unlikely that ATOM will continue to extend today’s gains.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect cosmos to climb beyond its upcoming resistance this weekend? Let us know your thoughts in the comments.

Eliman Dambell

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.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2″;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link

Leave a Reply