MATIC was one of Friday’s notable movers, as prices of the token rose for a fifth consecutive session. This came as crypto markets were mostly in the green for the majority of the day’s session, with AAVE hitting a two-week high.
Polygon (MATIC).
MATIC was an important mover in Friday’s trading, with prices for the token rising for the fifth day straight.
Prices rose to an intraday peak of $0.5933 earlier in today’s session, hitting their highest level since June 26 in the process.
This push brought the token to $0.6000 resistance. Some bulls chose to exit positions within that range.
The chart shows that prices were trading around the ceiling last time. This was an indication of high uncertainty. Bulls likely knew this and decided to make gains at the mark.
We would need to move past this point if we want to achieve our goals. However, the obstacle it faces is an increase of relative strength.
At the time of writing, Relative Strength Index has been at 57.15. That is slightly less than the resistance of 57.50.
AAVE
AAVE was also in the green during Friday’s session, as prices rose to their highest point in over two weeks.
After a Thursday low of $66.32, AAVE/USD rose to $70.00 on Friday as the prices for the token climbed above $70.00 intraday.
This action saw the token reach its highest point in June 26, which is the same height as MATIC reached earlier today.
AAVE and MATIC share another similarity: the former hits a resistance point not just in price, but also relative strength.
Gains from earlier periods were wiped out by a breach of the $73 ceiling. This was likely due to the 14-day RSI reaching its ceiling of 54.
Despite all this, AAVE bulls are likely to be focused on the $80 mark, but bullish sentiment could remain subdued until the RSI ceiling breaks.
Are you optimistic that AAVE will make more gains this weekend? Please share your views with us in the comments.
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