Polygon rose about 20% to start the week as the token rose to its highest price since May. Today’s surge comes as the crypto market is mostly green, with Avalanche also hitting multi-week highs, up more than 10% in a single day at the time of writing.
Polygon (MATIC) was one of the most notable gains in the crypto market on Monday as prices rose nearly 20%.
Following a low of $0.7464 on Sunday, MATIC/USD rose to an intraday high of $0.9269 to start the week.
This is the highest level the token has traded since May 9, when prices were below the $1.00 mark.
After just eight weeks, we are now on the verge of re-entering $1.00 territory as bullish pressure continues.
As a result of this medium-term upside momentum, the 10-day moving average continues to extend its crossover with the 25-day MA that triggered this recent rally.
However, it should be noted that the 14-day RSI remains above 77, its highest reading since October 2021, which may be one of the biggest obstacles to MATIC’s regaining the $1 level.
Another big move on Monday was Avalanche (AVAX), which also rose over 10% in today’s session, hitting a multi-week high in the process.
Earlier today, AVAX/USD rose for the sixth straight day, hitting a peak of $24.08 in the process.
The move moved the price above a key resistance level of $21.10, which has held since June 9.
Since breaking this ceiling, bulls seem to be targeting another ceiling, and $28.00 seems to be the next point.
Like the polygon chart, the RSI is currently hovering at 62.8, suggesting that price is overbought.
This is the highest price since April 4, but AVAX needs to aim for 70 to maintain its uptrend.
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