Cosmos Continues to Drop as Polygons Soar – Market Update Bitcoin News


Cryptocurrency markets are trading higher again ahead of Wednesday’s FOMC meeting, with Polygon (MATIC) being one of the biggest winners today. While the top 20 is mostly up, some on this list are mostly lower during the session.

biggest winner

Polygon (MATIC)It was one of the biggest gainers in the top 20, rising 12% in Wednesday’s trade, hitting an intraday high of $1.72 in the process.

The move saw MATIC/USD bounce off its support at $1.49 and attempt a run at resistance at $1.77.

Today’s rally brought prices to their biggest gain in 4 days, leading the RSI to rise from 33 to 37, the biggest gain in price strength since January 20.

Although prices have historically been rising at the current rate, market uncertainty could increase if MATIC/USD rises to $1.80.

Technical Analysis: Cosmos Continues to Fall as Polygon Soars
MATIC/USD – daily chart

Looking at the chart below, there appear to be several bearish candlesticks at this level, which could mean that those bulls who entered $1.49 could start taking profits as we get closer to resistance.

Traders will now wait to see how this move plays out as we approach the end of the day.

biggest loser

While most of the cryptocurrencies in the top 20 are in the green for most of today, there are a few exceptions where Universe (atoms) as one of them.

atom It fell for a second straight session, falling as much as 9%, hitting a low of $33.47 in the process.

The sell-off occurred at resistance at $36.25, which is a long-standing ceiling in terms of price action.

Looking at the chart, there is also a downward crossover between the 10/25-day moving averages, which could mean that the current bearish momentum could continue in the coming days.

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

Can we find support at $29? Let us know your thoughts in the comments section below.

eliman@bitcoin.com'

Eliman Dan Bell

Eliman brings a diverse perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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