Polygon climbed to a multi-week high on Friday, as bearish sentiment in cryptocurrency markets began to fade. The global crypto market marginally rose during today’s session, following yesterday’s downturn. XRP was another notable gainer.
Polygon (MATIC) was one of Friday’s big movers, as the token rose to a multi-week high during the day.
Following a low of $0.8802 on Thursday, MATIC/USD hit an intraday high of $0.9514 during today’s session.
As a result of the move, polygon recorded its strongest point since May 8, breaking out of a key resistance of $0.9500 in the process.
From the chart, it appears that this breakout occurred as the 10-day (red) moving average moved closer to an upwards crossover with its 25-day (blue) counterpart.
In addition to this, the relative strength index (RSI) moved past its own ceiling at the 49.00 mark.
At the time of writing this, price strength is now tracking at 52.93, with an upcoming ceiling of 56.00 a possible hurdle for bulls.
XRP (formerly ripple), also saw an increase in bullish momentum, as it rebounded from a recent one-week low.
XRP/USD climbed to an intraday peak of $0.4673 earlier in the day, following a low of $0.4472 on Thursday.
Today’s peak saw the token move closer to its long-term resistance level of $0.4690, which was last broken in April.
XRP/USD – Daily ChartEarlier gains in XRP have somewhat eased, as the RSI also moved near a ceiling of its own at 55.00
As of writing this, the index is currently tracking at the 54.80 mark, with the price currently at $0.4673.
Should this ceiling at 55.00 be broken, there is a possibility that XRP will hit a one-month high in the upcoming days.
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What is behind today’s rebound in cryptocurrency markets? Let us know your thoughts in the comments.