Polygon climbed higher for a third straight session on Monday, as the token continued to move away from a recent support point. After a mostly bearish weekend, crypto markets eased back into the green to start the week. Shiba inu was a notable exception, as it extended a recent downtrend.
Polygon (MATIC)
Polygon (MATIC) continued to move away from a recent support point of $0.5380 on Monday, as bulls’ momentum made a partial return to the market.
After trading at a low of $0.5479 on Sunday, MATIC/USD surged to an intraday peak of $0.5624 earlier today.
The rally saw polygon climb for a third straight day, pushing price closer to a one-week high in the process.
From the chart, it appears that the surge took place as the 14-day relative strength index (RSI) broke out of a ceiling at 31.00.
As of writing, price strength is now tracking at 33.61, which is its highest point since August 16.
Should momentum continue to surge, the next target for bulls will likely be around the 43.00 mark.
Shiba Inu (SHIB)
Shiba inu (SHIB) dropped lower for a fifth straight session to start the week, hitting a six-day low in the process.
SHIB/USD fell to a bottom of $0.000007911 earlier in the day, following a high of $0.000008118 the day prior.
However, as the day progressed, the cryptocurrency has rallied, and as of writing is currently trading at $0.000008156.
This comes as the RSI bounced from a floor of 40.00, and is now tracking at 43.93, marginally below a ceiling of 45.00.
In the event that this upcoming resistance point is broken, it is likely SHIB will move past $0.00000850.
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Can shiba inu bulls regain market sentiment this week? Let us know your thoughts in the comments.
via Eliman Dambell
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