Polygon (MATIC)
Polygon (MATIC) saw a bounce back in its price during Wednesday’s session, moving away from a recent low.
- MATIC/USD rallied from a bottom of $0.6751 to a peak of $0.7022.
- Bulls rejected a breakout below the price floor of $0.6750.
- The relative strength index (RSI) also moved away from its support level.
- Momentum appears to be bearish, with MATIC falling in five of the last seven sessions.
Chainlink (LINK)
Chainlink (LINK) also rebounded from a losing streak and hit a one-week high.
- LINK/USD reached an intraday high of $7.70, bouncing back from a low of $7.40.
- The decline pushed LINK below a support point of $7.50.
- The RSI climbed away from its floor at the 55.00 zone.
- The index is currently tracking at 56.78 and could move towards a ceiling of 60.00.
- If the level is hit, there is a good chance LINK moves above $7.80.
Hot Take
Polygon (MATIC) and Chainlink (LINK) both experienced rebounds in their prices, signaling potential bullish movements in the near future. However, caution is still advised as momentum remains bearish overall. Keep an eye on the support and resistance levels mentioned to gauge the direction of these cryptocurrencies.
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