Tuesday, June 6, 2023

Biggest Movers: MATIC Slides to 1-Year Low as LINK Rebounds Following Losses – Market Updates Bitcoin News

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MATIC fell to a one-year low on Wednesday, as crypto markets continue to crash this week. The decline sees MATIC almost 10% lower, and comes as LINK rebounded on Wednesday, hitting a four-day high in the process.

Polygon (MATIC)

MATIC was a notable mover on hump-day, as prices of the world’s 20th-largest cryptocurrency fell by almost 10%.

Following a peak of $0.4331 on Tuesday, MATIC/USD slipped to a low of $0.3658 earlier in today’s session.

Wednesday’s move saw prices drop for a sixth consecutive day, hitting their lowest point since May 2021 in the process.

Biggest Movers: MATIC Slides to 1-Year Low as LINK Rebounds Following Losses
MATIC/USD – Daily Chart

Overall, prices are down by over 35% in the last seven days, with the 14-day RSI also tracking at a one-month low.

As of writing, the Relative Strength Index is hovering at 26.2, which is its lowest point since May 13.

MATIC still appears to be looking for a stable price floor, and should this not be found, we might see even further lows in upcoming sessions.

Chainlink (LINK)

Following recent drops in price, LINK rose on Wednesday, as it moved away from multi-year lows during today’s session.

LINK/USD rebounded from a low of $5.88 on Tuesday, to hit an intraday peak of $6.87 earlier in the day.

This move comes as prices re-entered the support point of $6.15, following yesterday’s breakout, which took LINK close to a two-year low.

Biggest Movers: MATIC Slides to 1-Year Low as LINK Rebounds Following Losses
LINK/USD – Daily Chart

Since breaking back into this level, bulls now seem to be targeting resistance at $7.60, however there are some hurdles in the way of this happening.

The first and main, is likely to be the 43.70 ceiling on the RSI indicator, which is slightly above where price strength currently resides at 42.11.

In addition to this, the 10-day moving average seems set for a downward turn, which may continue to push momentum lower.

Do you expect LINK to hit $10 this month? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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