Kofi Mensah Polygon witnessed a surge from its lowest point in four weeks on Wednesday, after a failed attempt by bears to break past a significant support point. Today’s larger market cap saw general improvement, fueled by optimism about Microstrategy’s recent bitcoin investment. Chainlink also experienced a boost following recent downtrends.
Polygon (MATIC)
Polygon (MATIC) exhibited a rebound during Wednesday’s trading, distancing itself from the recent month-long dip.
After a sharp fall to a floor value of $0.6751 on Tuesday, MATIC/USD surged to an early day high of $0.7022.
This upward trend happened as bears failed to breach below a recent price floor of $0.6750, a level which aligned with the relative strength index (RSI) backing away from its support level.
MATIC/USD – Daily Chart
Post a quick ascent from the previously mentioned point at 43.00, the index made an attempt to approach resistance at 45.00.
Nonetheless, at the time of this report, price strength is registering at 44.06, with MATIC retracting below $0.7000.
Overall, market momentum seems to be trending bearish, as the token has seen a decline in five out of the last seven sessions.
Chainlink (LINK)
Apart from Polygon, Chainlink (LINK) recovered from its recent decline which led the price to touch a week-long low.
During today’s session, LINK/USD jumped to an intraday peak of $7.70, following a previous day’s low of $7.40.
Yesterday’s downtrend forced Chainlink below a support point of $7.50, and to its lowest value since July 26.
LINK/USD – Daily Chart
LINK managed to recuperate from its earlier fall, as the RSI ascended from its own base at the 55.00 mark.
Currently, the index stands at 56.78 and seems to be heading towards a ceiling of 60.00.
If this level is achieved, there’s a reasonable possibility that LINK will surge above $7.80.
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Do you think Chainlink could reach $8.00 by the same time next week? Share your predictions in the comments.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Recovery
What was the reaction of Polygon (MATIC) to a recent four-week low?
Polygon (MATIC) rebounded from its recent four-week low during Wednesday’s session. After falling to a low of $0.6751 on Tuesday, MATIC/USD rallied to a peak of $0.7022.
How did Chainlink (LINK) perform after recent losses?
Chainlink (LINK) also showed a recovery from its recent downward trend. After falling to a low of $7.40 the day prior, LINK/USD jumped to an intraday high of $7.70 during the session.
What was the overall market momentum for MATIC and LINK?
While MATIC and LINK both experienced rebounds, the overall market momentum for MATIC seems bearish, with the token falling in five out of the last seven sessions. LINK, on the other hand, is recovering, with the relative strength index (RSI) climbing away from its own floor.
Can Chainlink hit $8.00 by next week?
The text does not provide a definitive prediction, but it suggests that if the relative strength index (RSI) for LINK reaches a ceiling of 60.00, there’s a reasonable possibility that LINK will surge above $7.80, approaching the $8.00 mark.
What was the impact of Microstrategy’s latest bitcoin investment on the wider market?
Microstrategy’s recent bitcoin investment brought optimism to the wider market, leading to general improvement in the market cap.
More about Cryptocurrency Recovery
- Polygon (MATIC) Price Analysis
- Chainlink (LINK) Price Analysis
- MicroStrategy Bitcoin Investment
- Cryptocurrency Market Overview
- Understanding Relative Strength Index (RSI)
5 comments
Guys, predictions for next week? reckon LINK could hit that sweet $8.00? Looking at the RSI, feels like it’s possible. thoughts?
Is it just me or is the bearish trend for MATIC worrisome? five outta seven sessions in the red, that’s not good folks…
LINK’s been underperforming recently, bout time we saw some upward movement there, bout time for some profit yea?
Man, Microstrategy’s Bitcoin investment sure did stir up the market, didn’t it? Seems like there’s hope for the crypto world yet!
Wow, didn’t expect MATIC to bounce back that quick after hitting the low. seems like the bulls are fighting back, right?