MATIC returned to the top 20 cryptocurrencies on Thursday as its price rose over 25% during today’s session. The token replaced FTT, which entered the list following MATIC’s decline on Wednesday. ATOMalso rose today, hitting a 12-day high in the process.
After hitting a low of $0.4042 on Wednesday, MATIC/USD surged to an intraday peak of $0.5145 earlier today.
The move makes MATIC the world’s 18th largest cryptocurrency by market capitalization, all in an 11-day peak.
Despite these gains, bulls appear to be heading for a ceiling of $0.6650 as their next price target.
Overall, MATIC is up over 25% in today’s session, with the 7-day average now approaching a 30% gain.
Additionally, the 14-day RSI is at its highest level in over three months after hitting a high of 48.64 earlier today.
Overall, short-term sentiment appears bullish, but traders are watching to see if this will mature in the medium term.
ATOMalso rallied for the fifth straight day to an 11-day high.
After breaking out of the $5.50 floor last week and hitting its lowest since January 2021,the bulls of ATOMre-entered in full force.
As a result of this short-term increase in bullish sentiment,.ATOM/USD rose to an intraday peak of $7.73 earlier today.
This rally has lifted the price about 12% from yesterday’s low, reaching its most valuable level since June 12.
The chart shows that this upward momentum means that the 10-day moving average is approaching the possibility of crossing that of the 25-day SMA.
If that happens, not only will we reach $10 resistance, we can expect a breakout of it.
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