IMG-LOGO

Biggest Movers: MATIC Slides to 1-Year Low as LINK Rebounds Following Losses

News Feed - 2022-06-16 01:06:36

Biggest Movers: MATIC Slides to 1-Year Low as LINK Rebounds Following Losses


MATIC fell to a one-year low on Wednesday, as crypto markets continue to crash this week. The decline sees MATIC almost 10% lower, and comes as LINK rebounded on Wednesday, hitting a four-day high in the process. 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. MATIC/USD – Daily Chart


Overall, prices are down by over 35% in the last seven days, with the 14-day RSI also tracking at a one-month low.


As of writing, the Relative Strength Index is hovering at 26.2, which is its lowest point since May 13.


MATIC still appears to be looking for a stable price floor, and should this not be found, we might see even further lows in upcoming sessions.


Chainlink (LINK)


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


LINK/USD rebounded from a low of $5.88 on Tuesday, to hit an intraday peak of $6.87 earlier in the day.


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. LINK/USD – Daily Chart


Since breaking back into this level, bulls now seem to be targeting resistance at $7.60, however there are some hurdles in the way of this happening.


The first and main, is likely to be the 43.70 ceiling on the RSI indicator, which is slightly above where price strength currently resides at 42.11.


In addition to this, the 10-day moving average seems set for a downward turn, which may continue to push momentum lower. Tags in this story Analysis, Chainlink, LiNK, matic, Polygon


Do you expect LINK to hit $10 this month? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH, BTC Remain Lower Ahead of Federal Reserve Rate Decision MARKET UPDATES | 10 hours ago Biggest Movers: THETA, HNT Rise Over 20%, Despite Crypto Crash MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWill Bitcoin Fall to $13,800? — What an 80% Drawdown Will Look Like From Here Next articleTron’s USDD Remains Below the $1 Parity for 24 Hours, Token Hits a Low at $0.95 per Unit Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin