MATIC falls from 3-month high to start the week.
Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.Polygon was one of Monday’s most notable movers, with prices retreating from recent gains.
MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday. Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20.Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index .
As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00 Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.Chainlink was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50.As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a point of support.
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