Technical Analysis: Cosmos Decline Continues, as Polygon Surges

Ahead of Wednesday’s FOMC meeting, cryptocurrency markets were erstwhile again trading higher, with polygon (MATIC) being 1 of today’s biggest gainers. Despite the apical 20 chiefly trending upward, immoderate successful this database were chiefly little during the people of the session.

Biggest Gainers

Polygon (MATIC), which was 1 of the biggest gainers wrong the apical 20, was up by arsenic overmuch arsenic 12% successful Wednesday’s session, hitting an intraday precocious of $1.72 successful the process.

The determination saw MATIC/USD bounce from its enactment level of $1.49, and effort to marque a tally for absorption astatine $1.77.

Today’s rally saw prices emergence by their astir successful 4-days, starring to the RSI moving from 33, to a speechmaking of 37, which is the biggest summation successful terms spot since January 20th.

Although determination has historically been increases successful terms astatine the existent rate, should MATIC/USD find its mode to $1.80, marketplace uncertainty could apt increase.

MATIC/USD – Daily Chart

Looking astatine the illustration below, determination appears to beryllium respective bearish candlesticks astatine this level, which could mean those bulls who entered astatine $1.49, whitethorn apt statesman to instrumentality nett the person we get to resistance.

Traders volition present hold to spot however this determination plays retired arsenic we caput to the extremity of the day.

Biggest Losers

Although astir cryptos successful the apical 20 were successful the greenish during astir of today’s session, determination were a fewer exceptions, with cosmos (ATOM) being 1 of them.

ATOM fell for the 2nd consecutive session, falling by arsenic overmuch arsenic 9%, resulting successful it hitting a debased of $33.47 successful the process.

The selloff took spot astatine the $36.25 absorption level, which has been a long-established ceiling successful presumption of terms movement.

Looking astatine the chart, a downward transverse betwixt the 10/25-day moving averages has besides occurred, which could mean that the existent bearish momentum whitethorn proceed successful upcoming days.

ATOM/USD – Daily Chart

Could we beryllium headed to enactment astatine $29? Let america cognize your thoughts successful the comments conception below.

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