The largest movements were: MATIC climbing 20% to reach a 2-month high and AVAX approaching a 6-week peak.
Polygon jumped nearly 20% earlier in the week as the token returned to its highest level since May. Today’s rally is coming because crypto markets are mostly in the red, with Bahman hitting multi-week highs and rising 10% on the day at the time of writing. Polygon (MATIC) was the most notable winner in the cryptocurrency markets on Monday, as prices rose nearly 20%.MATIC / USD hit an intraday high of $ 0.9269 earlier in the week, following Sunday’s low of $ 0.7464. This is the highest trading level for the token since May 9, when the price fell below $ 1.00.With just eight weeks left, we are ready to re-enter the $ 1.00 zone as the upward pressure continues to rise. As a result of this temporary reversal, the 10-day moving average continued to widen its intersection with the 25-day MA, which was the catalyst for this recent rally.
However, the 14-day RSI follows above 77, the highest level since October 2021, and could be one of the biggest obstacles preventing MATIC from reaching the $ 1.00 level again. Another big move on Monday was Avalanche (AVAX), which climbed more than 10% in today’s session to a multi-week high. Earlier today, AVAX / USD rose for a sixth consecutive day, reaching $ 24.08. The move pushed prices to the key resistance level at $ 21.10, which has been in place since June 9th. Since breaking that ceiling, the bulls have targeted another limit, with the $ 28 mark being the next favorite target. Similar to the polygon chart, the RSI shows that prices are currently overbought, with the indicator currently sitting at 62.8. This is the highest since April 4, although Avax will have to climb to the 70 mark if it wants to continue its upward trend.