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Polygon retreated from multi-month highs to start the week, as traders moved to secure their recent gains. Chainlink also moved lower, as price was unable to break a major resistance level. Market sentiment in cryptocurrencies shifted today, with global market cap trading 2.11% lower at the time of writing.
Polygon (OFF)
Polygon (MATIC) was one of Monday’s most prominent movers, with the price retreating from its recent gains.
MATIC/USD slipped to an intraday low of $1.11 to start the week, less than 24 hours after rising to a high of $1.19 on Sunday.
Sunday’s move pushed the polygon to its strongest point since Nov. 8, as the price approached the $1.20 cap.
Looking at the chart, MATIC’s decline began after failing to penetrate the upper limit of the relative strength index (RSI).
As of writing, the index is tracking at 62.98, having failed to surpass the 73.00 resistance level
Price strength now seems to be looking to bottom out, with the 60.00 target a likely seller’s objective.
Chain link (LINK)
Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond its key price cap over the weekend.
Following Sunday’s high of $7.45, LINK/USD dropped to a low of $6.98 earlier in the day.
As with polygon, the chain’s declines today came after failing to break the resistance level at $7.50.
At time of writing, LINK is back above $7.00, as its previous losses have eased somewhat. This happens because the RSI is moving towards the support point.
The index is currently tracking at 56.06, with the 55.00 floor the next visible target for the bears.
Bulls are likely to linger, however, and could be seen moving above $7.50 in the coming days.
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Can we see polygon moving above $7.50 in the next few days? Let us know what you think in the comments.
Image Credits: Shutterstock, Pixabay, WikiCommons
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