Polygon (MATIC)
Polygon (MATIC) has continued its upward trend, reaching a multi-week high on Wednesday.
In today’s session, MATIC/USD reached an intraday high of $0.5937, following a low of $0.5523 the day before.
This surge has brought Polygon to its highest level since August 29, when it peaked at $0.6355.
An analysis of the chart reveals that the relative strength index (RSI) has surpassed a resistance level at 62.00.
Currently, the RSI is at 62.76 and may face another resistance level at 70.00.
Additionally, the crossover between the 10-day and 25-day moving averages is contributing to today’s rally.
XRP
XRP also experienced significant movement on Wednesday as it attempted to break through a key resistance level.
After hitting a low of $0.5075 on Tuesday, XRP/USD rallied to an intraday high of $0.5449 during today’s session.
This surge briefly pushed the world’s fifth-largest cryptocurrency above the $0.5400 ceiling.
However, XRP’s earlier gains have retraced slightly as the RSI fell below 62.00.
The RSI is currently at 56.57 and appears to be heading towards a support level of 51.00.
Hot Take: Polygon (MATIC) and XRP Show Strength Amidst Crypto Consolidation
Polygon (MATIC) and XRP have both demonstrated strength in their recent price movements despite the overall consolidation in the cryptocurrency market.
MATIC reached its highest level since August, benefiting from a surge in the relative strength index and the crossover of moving averages.
Similarly, XRP attempted to break through a significant resistance level, briefly surpassing it before retracing slightly.
While cryptocurrencies are mostly consolidating at the moment, MATIC and XRP’s performance highlights their potential for further gains.
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