Polygon retreated from multi-month highs earlier in the week as traders moved to secure recent gains. Chainlink also moved lower as prices failed to break out of a key resistance line. Market sentiment for cryptocurrencies shifted today, with global market capitalization trading 2.11% lower at the time of writing.
Polygon (MATIC)
Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.
MATIC/USD opened the week down to an intraday bottom of $1.11 in less than 24 hours, after rising to a high of $1.19 on Sunday.
Sunday’s move pushed the polygon to its strongest point since November 8 as prices approached the $1.20 ceiling.
As of this writing, the index has failed to cross the 73.00 resistance level and is hovering at 62.98
Price strength now seems to be looking for a bottom, and sellers targeting 60.00 may emerge.
Chain Link (LINK)
Chain Link (LINK) was also lower earlier in the week as tokens failed to move above a key price ceiling over the weekend.
After hitting a high of $7.45 on Sunday, LINK/USD fell to a low of $6.98 later in the day.
Like the polygon, today’s decline in the chain link occurred after a failed breakout of the $7.50 resistance level.
As of this writing, LINK is back above $7.00 as the earlier decline has eased somewhat. This is due to the RSI approaching a support point.
It is currently at 56.06, with a floor of 55.00 being the next target for bears.
However, the bulls are still likely to be present and could move above $7.50 in the coming days.
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