Ahead of Wednesday’s FOMC meeting, cryptocurrency markets were trading higher once again, with Polygon (MATIC) being one of today’s biggest gainers. Despite the top 20 trending mainly upward, some of this list was mainly lower during the session.
biggest beneficiary
Polygon (MATIC), one of the biggest gainers in the top 20, rose as much as 12% in Wednesday’s session, hitting a high of $1.72 in the process.
The move saw MATIC/USD bounce off its support level of $1.49, and attempted to make a run for resistance at $1.77.
Today’s rally saw the biggest price move in 4 days, leading the RSI to a reading of 33 from 37, which is the biggest gain in price since Jan. 20.
Although prices have historically moved up at the current rate, market uncertainty could increase if MATIC/USD should reach $1.80.
Looking at the chart below, there appears to be a number of bearish candlesticks at this level, which could mean that the bulls who enter $1.49 could potentially start taking profits when it approaches resistance.
Traders will now wait to see how the move pans out by the end of the day.
biggest loser
While most of the top 20 cryptos were in the green during today’s session, there were a few exceptions, with Cosmos (ATOM) being one of them.
ATOM fell 9% for the second straight session, resulting in a low of $33.47 in the process.
The selloff occurred at the $36.25 resistance level, which has been a long-established range in terms of price action.
Looking at the chart, there has also been a downside cross between the 10/25-day EMA, which could mean that the current bearish momentum may continue in the coming days.
Can we move towards support at $29? Tell us your thoughts in the comment section below.
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