MATIC Slides to 1-Year Low as LINK Rebounds Following Losses – Market Updates Bitcoin News

MATIC dropped to its lowest level in one year on Wednesday as the crypto market crashes this week. MATIC fell almost 10% on Wednesday as LINK rebounded, reaching a high of four days.

Polygon (MATIC).

MATIC was a notable mover on hump-day, as prices of the world’s 20th-largest cryptocurrency fell by almost 10%.

Following a peak of $0.4331 on Tuesday, MATIC/USD slipped to a low of $0.3658 earlier in today’s session.

Wednesday’s move saw prices drop for a sixth consecutive day, hitting their lowest point since May 2021 in the process.

Prices are overall down by more than 35% over the past seven days. The 14-day RSI is also at a one month low.

At the time of writing, Relative Strength Index was at 26.2. It is now its lowest point since May 13,

MATIC is still looking for stability in the price floor. Should this fail, MATIC could be seeing further lows over the next sessions.

Chainlink (LINK).

Following recent drops in price, LINK rose on Wednesday, as it moved away from multi-year lows during today’s session.

After falling to $5.88 Tuesday, LINK/USD rose to $6.87 intraday.

This move comes as prices re-entered the support point of $6.15, following yesterday’s breakout, which took LINK close to a two-year low.

The bulls appear to have retreated from this level and are now targeting resistance at $7.60. But there are obstacles in their way.

It is probable that the 43.70 ceiling for the RSI indicator will be the first and most important. This level is slightly lower than 42.11, where the price strength is currently located.

The 10-day moving average appears to be heading for a decline, and this could continue to drag momentum down.

What do you think LINK will achieve this month at $10? We’d love to hear your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.