Biggest movers: MATIC retreated from 12-week high on Monday
Polygon (MATIC) was one of the notable movers on Monday as we saw the price retrace recent gains and after climbing to a high of $1.19 on Sunday saw the coin slide in less than 24 hours. reached a low of $1.11. Sunday’s move certainly managed to take this token to its highest point since November 8 as the price seems to be moving closer to the $1.20 range. Looking at the chart, we can say that the decline in MATIC started after a failed break out of the ceiling on the Relative Strength Index (RSI) and at the time of writing this index failed to move above the resistance level of 73.00 at 62.98 is keeping an eye on. The strength in price now definitely leaves the sellers looking for a destination floor with a target of 60.00.
Chainlink (LINK) was the lowest to start the week as it was unable to rise above a key price range for the token in the week. After climbing to a high of $7.45 on Sunday, the token fell to a low of $6.98 in the first day itself.
Like Polygon, Chainlink’s decline today appears to have followed a failed black out of a resistance level of $7.50 and is back above $7.00 as of writing, having recovered somewhat from earlier declines and it shows when we look at it as a support point in the Relative Strength Index.
The index is currently tracking at 56.06 and with a floor of 55.00 being the next visible target area for the bears we see while the bulls may be present and try to move above $7.50 in coming days.
