Polygon fell for a fourth straight session on Tuesday, as traders pushed the cryptocurrency to a ten-day low. The decline comes as the global market cap remained in the red, having fallen by 0.37% at the time of writing. On the other hand, cosmos rebounded from its lowest point since mid-September.
Following a high of $0.5396 to start the week, MATIC/USD dropped to an intraday low of $0.5241 earlier in the day.
This move resulted in the cryptocurrency falling to its weakest point since September 29, when price bottomed out at $0.5163.
From the chart, it seems as though sellers are attempting to push MATIC to a support point at $0.5070.
In order to achieve this, the relative strength index (RSI) will need to hit its own floor at 40.00. It is currently sitting at 43.75.
Bulls may also be waiting to reenter the market, the closer polygon gets to the aforementioned support.
After finding its own level of support to start the week, cosmos (ATOM) rebounded strongly on Tuesday.
ATOM/USD jumped to a peak at $7.14 earlier in today’s session, less than a day after trading at a low of $6.63.
Monday’s bottom was the lowest level that cosmos had hit since September 15, which is the last time price broke out of a floor at $6.65.
Today’s bounce comes as bulls rejected this downward sentiment, and they now look to be targeting a resistance zone of $7.60.
A upcoming ceiling at the 48.00 level on the RSI indicator will likely pose a big threat to this prospect occurring.
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Do you expect a rally towards $7.60 this week? Let us know your thoughts in the comments.