Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10%
Polygon rose for a second consecutive session on Friday, climbing by as much as 20%. This surge pushed prices of the token to their highest level since May. Cosmos was another big gainer on Friday, with prices rallying to a five-week high. Overall, the cryptocurrency global market cap is now trading 2.64% higher. Polygon (MATIC)
Polygon (MATIC) was trading higher for a second consecutive session on Friday, as it rose by as much as 20%.
Following a low of $0.9267 on Thursday, MATIC/USD rallied to an intraday peak of $1.15 earlier today.
Today’s gains took the token to its highest level in exactly six months, when prices were trading above $1.18 on May 4. MATIC/USD – Daily Chart
As can be seen from the chart, the move occurred as prices broke out of a key resistance level of $0.95.
In addition to this, the 14-day relative strength index (RSI) is now tracking near a ceiling of 77.00, for the first time since mid-July.
Prices are now deep in overbought territory, which could be an invitation to bears to begin reentering the market in coming days. Cosmos (ATOM)
In addition to MATIC, cosmos (ATOM) broke out of a key resistance level of its own, as prices were trading 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
This peak has resulted in ATOM hitting its highest point since September 23, when the token failed to move past a ceiling of $15.25. ATOM/USD – Daily Chart
As of writing, prices have already begun to slip, now at $14.73, which comes as the RSI seems to have hit a wall.
Looking at the chart, the index is tracking at 66.50, close to a ceiling of 66.80, which has also been in place 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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Do you expect cosmos to climb beyond its upcoming resistance this weekend? 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 Rebounds on Friday, as NFP Report Looms MARKET UPDATES | 11 hours ago Biggest Movers: MATIC Hits Highest Point Since August, as FLOW Jumps 14% on Thursday MARKET UPDATES | 1 day ago
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