Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.
Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.
MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday.
Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20.
Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI).
As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00
Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.
Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.
Following a high of $7.45 on Sunday, LINK/USD declined to a low of $6.98 earlier in the day.
Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50.
As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a point of support.
The index is currently tracking at 56.06, with a floor of 55.00 the next visible target for bears.
Bulls are likely still present, however, and could look to make a move above $7.50 in the coming days.
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Could we see polygon move above $7.50 in the next few days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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