MATIC climbs 20% to reach 2-month high as AVAX approaches 6-week high – Market updates Bitcoin news
Polygon increased by almost 20% to start the week, as the token rose to its highest level since May. Today’s increase comes as the crypto markets were mostly in the green, with landslides that also hit several weeks’ heights, and which at the time of writing are up by over 10% on the day.
Polygon (MATIC)
Polygon (MATIC) was one of the most notable winners in the crypto markets on Monday, when prices rose by almost 20%.
After a low of $ 0.7464 on Sunday, the MATIC / USD fell 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 fell below the $ 1.00 mark.
A little over eight weeks later, we are now about to enter the $ 1.00 region again, as bullish pressure continues to rise.
As a result of this upside momentum in the medium term, the 10-day moving average has continued to expand its crossover with the 25-day MA, which was the catalyst behind this recent rally.
However, it should be noted that the 14-day RSI tracks above 77, which is its highest reading since October 2021, and this may be one of the biggest obstacles preventing MATIC from regaining the $ 1.00 level.
Avalanche (AVAX)
Another big draw on Monday was avalanche (AVAX), which also rose by over 10% in today’s session, reaching several weeks of highs in the process.
Earlier today, AVAX / USD rose for the sixth day in a row, reaching a peak of $ 24.08 in the process of this run.
The move saw prices pass a $ 21.10 key resistance level, which has been in place since June 9.
After they broke this roof, the bulls seem to be targeting another, with the $ 28.00 mark appearing to be the next point of interest.
Similar to the polygon’s chart, the RSI here indicates that prices are currently overbought, with the index at 62.8.
This is the highest since April 4, but the price strength will have to go towards 70 if AVAX is to continue its upward trend.
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