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10/24/2022

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Biggest Movers: ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September

Cardano closed in on a one-week high to start the week, as the token climbed for a fourth straight session. Polygon was also in the green, and collided with a key resistance level in the process. Overall, the global...

Biggest Movers: ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September

 ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September

Cardano closed in on a one-week high to start the week, as the token climbed for a fourth straight session. Polygon was also in the green, and collided with a key resistance level in the process. Overall, the global crypto market cap is currently 1.30% higher as of writing this analysis.

Cardano (ADA)

Cardano (ADA) climbed for a fourth straight day to start the week, pushing it closer to a one-week high in the process.

Less than 24 hours after falling to a low of $0.3498, the token surged to an intraday high of $0.3646 earlier today.

The move saw ADA/USD hit its highest point since last Tuesday, moving towards a price ceiling in the process.

 ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since SeptemberADA/USD – Daily Chart

Looking at the chart, the aforementioned resistance of $0.3755, which was last hit on October 18, and seems to be the target for current bulls.

In order to recapture this point, traders will first need to climb another resistance, this time on the 14-day relative strength index (RSI).

As of writing this, the index is tracking at 34.57, which is marginally below a ceiling of 36.50.

Polygon (MATIC)

Another notable mover on Monday was polygon (MATIC), which rose to a multi-week high.

Following a low of $0.8284 during Sunday’s session, MATIC/USD raced to a peak of $0.9067 earlier today.

Today’s surge saw MATIC climb to its strongest point since September 13, when the token was trading at $0.94.

 ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since SeptemberMATIC/USD – Daily Chart

As can be seen from the chart, Monday’s high is slightly above a ceiling of $0.90, which has been in place for the last six weeks.

It seems apparent that traders are looking to break this ceiling, however, a hurdle of 64.00 on the RSI must first be overcome.

Both the 10-day (red) and 25-day (blue) moving averages seem to be trending higher, which could be a sign of further pending rallies.

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Will polygon hit $1.00 next month? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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