Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink also saw a surge in green as it rose by nearly 10% for the second consecutive day. Global crypto market cap has risen 3.06% to the time of writing.
Polygon (MATIC) was one of Tuesday’s big movers, as the token climbed to a three-week high following yesterday’s false breakout.
MATIC/USD began the weekend trading at 0.7548. That was just a fraction below its floor, $0.7690.
The token rose to $0.8336 today as crypto market bulls returned.
This record is polygon’s strongest since mid September. The high comes at a time when the relative strength index (RSI), 14 day, reaches its highest level in more than three months.
At the time of writing, index tracking is at 55.90. That is just marginally lower than the higher point of resistance, 57.65.
If we can overcome this obstacle, it is likely that the token will rise towards the $0.8500 mark.
Like MATIC, chainlink, (LINK), also rose Tuesday after prices bounced off a crucial support level.
After a collision at its long-term ceiling of $7.10 Monday morning, LINK/USD surged to an intraday peak of $7.72 today.
Tuesday’s rally sees the world’s 22nd largest token climb for a second consecutive session, moving closer to a ceiling of $8.05 in the process.
You can see that the 10-day (red-colored) moving average has passed the 25 day (blue) MA. This is often a signal of a bull trend.
In order for the moving averages to maintain today’s upward momentum, we will likely need to see the RSI climb past several upcoming ceilings.
The index currently stands at 53.37. There is a first hurdle of 55.00, followed by 58.30, which could be a greater danger to bulls.
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