MATIC Moves to 6-Month High, ATOM up 10% – Market Updates Bitcoin News

Polygon rose by 20% for the second session in a row on Friday. The token’s prices reached their highest point since May thanks to this surge. Cosmos, another major gainer Friday, saw prices rise to a 5-week high. The cryptocurrency global market cap has risen to 2.64%.

Polygon (MATIC).

Polygon (MATIC), which traded higher on Friday for the second consecutive session, climbed as high as 20%

MATIC/USD rose to $1.15 intraday after a lower of $0.9267 Thursday.

Today’s gains took the token to its highest level in exactly six months, when prices were trading above $1.18 on May 4.

Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10%
MATIC/USD – Daily Chart

The chart shows that prices moved away from $0.95, a crucial resistance level.

Added to that, the 14 day relative strength indicator (RSI) now tracks close to a ceiling near 77.00 for first time since mid July.

Overbought prices are currently deep, and this could invite bears into the market to start reentering in the coming days.

Cosmos (ATOM)

MATIC and cosmos(ATOM) also broke free from a crucial resistance level. The prices traded over 10% higher.

ATOM/USD rallied to a high of $14.97 earlier in today’s session, which comes a day after sitting at a bottom of $13.44

ATOM reached this peak on September 23rd. The token had not moved past the ceiling of $15.25.

Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10%
ATOM/USD – Daily Chart

Prices have begun to fall as of this writing at $14.73. This is because the RSI appears to have reached a dead end.

The chart shows that the index tracks at 66.50. This is close to the ceiling at 66.80 which was also in effect since September.

Unless price strength moves beyond this point, it is unlikely that ATOM will continue to extend today’s gains.

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Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and taught retail trading. He currently acts as an analyst for various asset types, such as Crypto, Stocks, FX.

Images – Dennis Diatel, Pixabay and Wiki Commons

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