Polygon rebounded from a four-week low on Wednesday, as bulls rejected a breakout below a key support point. The wider market cap was mostly higher in today’s session, led by the optimism surrounding Microstrategy’s latest bitcoin investment. Chainlink also jumped higher after recent losses.
Polygon (MATIC)
Polygon (MATIC) bounced back higher during Wednesday’s session, as the token moved away from a recent four-week low.
After plunging to a bottom $0.6751 on Tuesday, MATIC/USD rallied to a peak of $0.7022 earlier in the day.
The move came as bulls rejected a breakout below a recent price floor of $0.6750, which coincided with the relative strength index (RSI) pushing away from its own support level.
After racing from the aforementioned point at 43.00, the index made an attempt to reach resistance of 45.00.
However, at the time of writing, price strength is now tracking at a reading of 44.06, with MATIC back below $0.7000.
Overall, momentum appears to be bearish, with the token falling for five of the last seven sessions.
Chainlink (LINK)
In addition to polygon, chainlink (LINK) rebounded from a recent losing streak which resulted in price hitting a one-week low.
LINK/USD leaped to an intraday high of $7.70 during today’s session, following a drop to a low of $7.40 the day prior.
Yesterday’s decline pushed chainlink below a support point of $7.50, and to its weakest level since July 26.
LINK has managed to recover from its earlier drop, as the RSI climbed away from its own floor at the 55.00 zone.
Currently, the index is tracking at 56.78, and appears to be making a move towards a ceiling of 60.00.
In the event that this level is hit, there is a good chance that LINK moves above $7.80.
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Could chainlink hit $8.00 by this time next week? Let us know your thoughts in the comments.