Cardano closed at a one week high for the start of the week as the token rose for its fourth straight session. Polygon, which was also in green, collided with the key resistance level. Global crypto market cap currently stands at 1.3% higher, as of the writing of this analysis.
Cardano (ADA)
Cardano (ADA), which climbed for the fourth consecutive day in order to begin the week, is now closer to a 1-week record.
The token surged today to $0.3646, less than 24 hours after it fell to $0.3498.
This move saw ADA/USD reach its highest level since Tuesday and moving toward a price ceiling.
The chart shows that the resistance at $0.3755, last seen on October 18, seems to be the current target of bulls.
To recapture the point traders must first climb another resistance. This time it will be on the 14 day relative strength index (RSI).
The index was tracking at 34.57 as of this writing, just marginally lower than the ceiling of 36.50.
Polygon (MATIC).
A notable mover Monday was polygon, which reached a multiweek high.
Following a low of $0.8284 during Sunday’s session, MATIC/USD raced to a peak of $0.9067 earlier today.
Today’s surge saw MATIC climb to its strongest point since September 13, when the token was trading at $0.94.
As can be seen from the chart, Monday’s high is slightly above a ceiling of $0.90, which has been in place for the last six weeks.
It is evident that traders seek to breach this ceiling. But, a 64.00 hurdle on the RSI must be first overcome.
The 10-day (red), and the 25-day, respectively, moving averages are trending higher. This could indicate further rallies.
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Polygon will hit $1.00 in the next month. Please share your views with us in the comments.
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