Polygon saw a nearly 20% increase to begin the week. The token rose to its highest level in May. Today’s surge comes as crypto markets were mostly in the green, with avalanche also hitting multi-week highs, and as of writing, is up by over 10% on the day.
Polygon (MATIC).
Polygon (MATIC), one of crypto markets’ most noteworthy gainers, saw its prices increase by close to 20% on Monday.
After a Sunday low of $0.7464, MATIC/USD surged to $0.9269 intraday to begin the week.
This level is the highest the token traded since May 9, 2009, when it was trading at a lower price than $1.00.
We are on the verge of entering the $1.00 zone again just eight weeks after we entered it. Bullish pressure is mounting.
This mid-term upward momentum has seen the 10-day moving Average continue to cross with the 25 day MA. It was this crossover that triggered the recent rally.
It should be mentioned that MATIC’s 14-day RSI has risen to 77. This reading represents a much higher level than October 2021.
Avalanche (AVAX)
Another big mover on Monday was avalanche (AVAX), which also rose by over 10% in today’s session, hitting multi-week highs in the process.
AVAX/USD rose earlier today for the sixth day straight, reaching a peak at $24.08 during this period.
Prices moved past the $21.10 resistance level, held since June 9, which was holding prices steady.
Bulls have been breaking the ceiling and now appear to be aiming for another, the $28.00 mark.
Similar to polygon’s chart, the RSI here indicates that prices are currently overbought, with the index currently tracking at 62.8.
Although this is AVAX’s highest level since April 4, it is still below 70. However, AVAX would like to keep its upward trend.
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What do you think the avalanche will reach this week at $28? Please share your views with us in the comments.
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