Monday, December 4, 2023

Technical Analysis: Cosmos Continues to Fall, While Polygon Rises

Crypto markets are seeing a surge. Polygon(MATIC) has been a big beneficiary of the surge. All this news comes just before the FOMC meeting scheduled on Wednesday.

However, it has not been uniformly good for everybody. Although the market trended upward, some among the top 20 did not benefit as much as the others.

Cosmos (ATOM) being one of the top 20 who did not benefit from the surge. ATOM experienced a fall for two consecutive sessions. ATOM fell by over 9% to finally settle at a price of $33.47. ATOM began to be sold off at the resistance price of $36.25. Analysts believe that this has been the ceiling for long time. Traders expect the current bearish to trend to sustain for some time.

Polygon(MATIC) Price Trends

MATIC benefited form the surge the most. Among the gainers in the top 20, MATIC gained as much as 12%. This represented a 24-hour high of $1.72.

The MATIC/USD support level is $1.49. The surge saw MATIC surge past the support level and near the resistance level of $1.77.

The surge pushed the prices to levels not seen in the last four days. This caused the RSI to shift from 33 to 37. RSI has not witnessed such gains since 20 Jan.

However, there is the danger that if the MATIC/USD rises to $1.80, market volatility would increase. Traders are watching the changing trends closely. Traders who bought at $1.49 would begin to look out for profits once the prices approach the resistance levels.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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