Wednesday, 8 March 2023
by Berkeley Lovelace
Xrp rose higher in Tuesday’s session, as prices continued to move away from a long-term support point. Overall, sentiment in cryptocurrencies remained largely bearish, with the global market cap down 0.34% as of writing. Polygon was also in the green at the time of writing.
XRP, formerly ripple, was a notable gainer on Tuesday, as the token continued to move away from a recent support point.
Following a low of $0.3648 to start the week, XRP/USD rose to an intraday high of $0.3751 earlier in the day.
The move resulted in XRP bouncing from a long-term price floor at $0.3650, following a recent four-day losing streak.
From the chart, it appears that this took place as the 14-day relative strength index (RSI) broke out of its own ceiling at 43.00.
As of writing, the index is now tracking at 43.97, with the next visible resistance point at 45.00.
Should this ceiling be hit, there is a strong chance that XRP will be trading at, or above, the $0.3800 mark.
Polygon (MATIC) also rose higher in today’s session, a day after bulls rejected a breakout at a key price level.
MATIC/USD moved to a peak of $1.17 on Tuesday, which comes after a bottom at $1.12 the day prior.
As a result of this move, polygon bulls pushed prices further away from a recent floor at $1.10.
Overall, it appears that this rebound coincides with the RSI moving away from a recent floor at 39.00.
Currently, price strength is tracking at 41.17, with the nearest point of resistance being at the 45.00 mark.
Bulls could likely target this point, and should they reach it, MATIC could move above $1.20.
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Do you expect polygon to maintain this uptrend in the coming days? Let us know your thoughts in the comments.