MATIC fell to a one-year low on Wednesday as the crypto market continued to crash this week. The drop was attributed to MATIC being about 10% lower and LINK rebounding on Wednesday, hitting a four-day high in the process.
Polygon (MATIC)
MATIC was the standout performer on Hump Day as the price of the world’s 20th largest cryptocurrency fell nearly 10%.
After reaching a peak of $0.4331 on Tuesday, MATIC/USD fell to a low of $0.3658 earlier in the session today.
Wednesday’s move sent prices down for a sixth straight day, hitting their lowest level since May 2021 in the process.
Overall, prices have fallen more than 35% over the past seven days, with the 14-day RSI at a one-month low.
The Relative Strength Index is at 26.2, its lowest level since May 13.
MATIC still seems to be looking for a stable price bottom, and if this is not found, it could hit further lows in the coming sessions.
Chain Link (LINK)
Following recent price declines, LINK rallied on Wednesday, moving away from multi-year lows in today’s session.
LINK/USD rebounded from Tuesday’s low of $5.88 to an early intraday peak of $6.87.
The move follows yesterday’s breakout, when the LINK approached a two-year low, and price re-entered the 6.15 support point.
Since the breakback of this level, the bulls now seem to be targeting $7.60 resistance, but there are several hurdles to achieve that.
The Bulls are now looking to break back above the $7.60 level, and the $7.60 level is now below the $7.60 level.
In addition to this, the 10-day moving average appears set to turn lower, which could continue to reduce momentum.
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