December 2, 2023

Cryptocurrency markets are buying and selling larger once more forward of Wednesday’s FOMC assembly, with Polygon (MATIC) being one of many greatest winners in the present day. Whereas the highest 20 is usually up, some on this record are largely decrease throughout the session.

greatest winner

Polygon (MATIC)It was one of many greatest gainers within the high 20, rising 12% in Wednesday’s commerce, hitting an intraday excessive of $1.72 within the course of.

The transfer noticed MATIC/USD bounce off its assist at $1.49 and try a run at resistance at $1.77.

Immediately’s rally introduced costs to their greatest achieve in 4 days, main the RSI to rise from 33 to 37, the most important achieve in worth power since January 20.

Though costs have traditionally been rising on the present charge, market uncertainty might improve if MATIC/USD rises to $1.80.

MATIC/USD – day by day chart

Trying on the chart beneath, there seem like a number of bearish candlesticks at this stage, which might imply that these bulls who entered $1.49 might begin taking earnings as we get nearer to resistance.

Merchants will now wait to see how this transfer performs out as we strategy the top of the day.

greatest loser

Whereas many of the cryptocurrencies within the high 20 are within the inexperienced for many of in the present day, there are just a few exceptions the place Universe (atoms) as considered one of them.

atom It fell for a second straight session, falling as a lot as 9%, hitting a low of $33.47 within the course of.

The sell-off occurred at resistance at $36.25, which is a long-standing ceiling when it comes to worth motion.

Trying on the chart, there’s additionally a downward crossover between the ten/25-day shifting averages, which might imply that the present bearish momentum might proceed within the coming days.

Technical Analysis: Cosmos Continues to Fall as Polygon Soars
atom/USD – day by day chart

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Eliman Dan Bell

Eliman brings a various perspective to market evaluation, having served as a brokerage director, retail buying and selling educator and market commentator for cryptocurrencies, shares and international alternate.

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