Polygon surged to its strongest level since the end of August, as the token extended recent gains. The rally comes despite cryptocurrencies mostly consolidating on Wednesday, following recent declines. XRP was another notable gainer today.
Polygon (MATIC)
Polygon (MATIC) rose for a back-to-back session on Wednesday, hitting a multi-week high in the process.
MATIC/USD moved to an intraday high of $0.5937 in today’s session, which comes following a low of $0.5523 the day before.
This resulted in polygon climbing to its highest point since August 29, when the price peaked at $0.6355.
Biggest Movers: MATIC Moves to Highest Point Since August
MATIC/USD – Daily Chart
Looking at the chart, the surge saw the relative strength index (RSI) rise past a ceiling at the 62.00 zone.
Currently, the index is now at a reading of 62.76, with an upcoming resistance level at the 70.00 point.
A crossover between the 10-day (red) and 25-day (blue) moving averages also seems to be one of the reasons for today’s rally.
XRP
XRP was another big mover on Wednesday, as the price attempted to break out of a key resistance level.
After Tuesday’s low at $0.5075, XRP/USD rallied to an intraday high of $0.5449 during today’s session.
As a result of this surge, the world’s fifth-largest cryptocurrency briefly rose past a ceiling at $0.5400.
Biggest Movers: MATIC Moves to Highest Point Since August
XRP/USD – Daily Chart
Earlier gains have since edged lower, which comes as the RSI fell below a ceiling at the 62.00 mark.
The index has since dropped further, and is now tracking at 56.57, and seems to be heading towards a floor of 51.00.
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Will XRP plunge further as the session progresses? Let us know your thoughts in the comments.
TAGS IN THIS STORY
Crypto, crypto trading, Cryptocurrency, matic, Polygon, Ripple, XRP
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Eliman Dambell
Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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