Cosmos Decline Continues as Polygon Rises – Market Updates

Ahead of Wednesday's FOMC meeting, cryptocurrency markets traded higher once again, with Polygon (MATIC) one of today's biggest gainers. Although the top 20 were mostly trending up, some in this list were mostly trending lower over the course of the session.

Biggest winners

Polygon (MATIC) one of the biggest gainers in the top 20, rose as much as 12% on Wednesday, hitting an intraday high of $1.72.

The move caused MATIC/USD to bounce off its $1.49 support level and attempt to make a run towards resistance at $1.77.

Today's rally saw prices rise by the most in 4 days, causing the RSI to rise from 33 to 37, which is the largest increase in price strength since January 20th.

Although there have been price increases at the current price in the past, market uncertainty could likely increase should MATIC/USD find its way to $1.80.

Looking at the chart below, there appear to be multiple bearish candlesticks at this level, which could mean that the bulls who entered at $1.49 will likely start taking profits as we get closer to resistance.

Traders will now wait to see how this move plays out as we head towards the end of the day.

Biggest losers

Although most cryptos in the top 20 were in the green for most of today's session, there were a few exceptions, with Cosmos (ATOM) to be one of them.

ATOM fell for the second consecutive day, falling as much as 9%, causing it to hit a low of $33.47.

The selloff occurred at the $36.25 resistance level, which has long been a ceiling for price action.

Looking at the chart, a downward cross has also occurred between the 10/25-day moving averages, which could mean that the current bearish momentum could continue in the coming days.

Could we head towards support at $29? Share your thoughts with us in the comments section below.

Eliman Damell

Eliman brings a diversified perspective to market analysis, having worked as a brokerage director, retail educator and market commentator in crypto, stocks and forex.

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