Biggest Movers: MATIC Hits Highest Point Since August, as FLOW Jumps 14% on Thursday
Polygon rose to its highest level since August, as the token climbed by as much as 10% on Thursday. Today’s rise comes despite cryptocurrency markets mainly residing in the red, with the global market cap down 0.41% as of writing. Flow was another notable expectation to today’s declines, climbing by 14% earlier in the day. Polygon (MATIC)
Polygon (MATIC) rose by as much as 10% in today’s session, as the token climbed to its highest point since August.
Following a low of $0.8403 on Wednesday, MATIC/USD rallied to an intraday peak of $0.9813 earlier today.
The move saw the token race to its strongest point since August 15, when it traded at a high of $1.033. MATIC/USD – Daily Chart
As can be seen from the chart, the 14-day relative strength index (RSI) has also surged, breaking out of a key resistance in the process. The index is currently tracking at the 62.19 level, which is marginally above a ceiling of 60.75.
Should this recent upward momentum continue, bulls will likely look to recapture the $1.00 level. In order to reach this point, MATIC traders will first need to take price strength to a reading of 65.00. Flow (FLOW)
Flow (FLOW) snapped a four-day losing streak in today’s session, as the token raced to a multi-week high.
FLOW/USD surged to a high of $2.04 earlier today, which comes less than a day after hovering at a low of $1.57. Today’s rally in FLOW has led to a breakout of a ceiling at the $1.80 point, which had been in place since mid-September. FLOW/USD – Daily Chart
The RSI on FLOW has yet to reach a resistance level, with the next visible ceiling at the 65.40 mark.
As of writing, the index is tracking at 63.05, with the 10-day (red) moving average also hovering above its 25-day (blue) counterpart.
Should this trend continue, it is likely that FLOW could hit $2.15 in the coming days.
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Could we see flow hit a ceiling of $2.15 this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike MARKET UPDATES | 11 hours ago Biggest Movers: LTC Hits 6-Week High, as LEO Rises for the Ninth Straight Day MARKET UPDATES | 1 day ago
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