MATIC fell to its long-term support level on Saturday, following a surge in price during Friday’s session. RUNE and LUNA both dropped and were trading as high as 5% to the end of Friday’s session.
Polygon (MATIC),
During what has been a bearish start to the weekend, MATIC was one of the biggest losers so far in Saturday’s session.
MATIC traded on Friday at $1.50 as its long-term resistance, but fell to support today.
At the time of writing on Saturday, MATIC/USD had fallen to $1.35. This is its long-term floor and it is only $0.10 from a two month low.
Today’s selloff comes following strong gains on Friday, however bullish momentum eased, as prices ran into the ceiling.
The price ceiling was not the only factor. In the 14-day RSI, its resistance became apparent, and relative strength did not break below the 45 level.
MATIC has generally consolidated between $1.35 to $1.50 in April. As market uncertainty persists, it appears that we could end the month trading within these ranges.
THORChain – RUNE
The price of RUNE did not rebound, and it fell for the fourth straight session to begin this weekend.
The RUNE/USD is at $8.21 as of Saturday. This is 3 days after the $9.88 peak, when bulls attempted to break through to $10.
Since then, momentum has only waned. The mid-term 25 day (blue), moving average is now significantly lower and continues its downward trend.
Bulls have one positive: this downtrend is increasing the chance of cross with red (10-day), which may help to trigger a rebound.
The 25-day moving mean falls in most cases. Price strength usually follows. Usually, the oversold zone is where bulls look for a signal to buy low.
The 14-day RSI was at 47.02 as of this writing. However, we may see relative strength moving towards a floor around 44 should the recent bearish pressure persist.
Were we able to see the RUNE price rise above $10 by the end of this month? Please share your views with us in the comments.
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