Polygon rose to a three-week high in today’s session as bullish sentiment returned to the cryptocurrency market. Chainlink also turned green as the token surged for the second day in a row, gaining almost 10% in the process. Overall, the global crypto market size is up 3.06% at the time of writing.
Polygon (MATIC) was one of the big movers on Tuesday as the token rose to a three-week high following yesterday’s false breakout.
MATIC/USD opened the weekend trading at a low of $0.7548, just below the $0.7690 low.
However, as bullish sentiment returned to the crypto market, the token hit an intraday high of $0.8336 earlier today.
This high is the strongest point Polygon has recorded since mid-September and comes on the heels of the 14-day Relative Strength Index (RSI) hitting its highest point in over three weeks.
As of this writing, the index is hovering at 55.90, just below the upper resistance point of 57.65.
If this obstacle can be overcome, the token is expected to rise closer to the $0.8500 level.
Chain Link (LINK)
Like MATIC, Chain Link (LINK) also rose on Tuesday after prices bounced back from a key support point.
After colliding with a long-term low of $7.10 on Monday, LINK/USD rose to an intraday high of $7.72 earlier today.
The world’s 22nd-largest token rallied for a second straight session on Tuesday, approaching the $8.05 ceiling in the process.
The chart shows that the 10-day (red) moving average (MA) has crossed the 25-day (blue) MA, which is usually a signal of a bullish beginning.
For the moving averages to maintain today’s upward momentum, we will likely need to see the RSI rise above some upcoming ceilings.
As of this writing, the index is tracking at 53.37, with the first hurdle at 55.00 points, and then 58.30 could be an even bigger threat for the bulls.
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