Ahead of Wednesday’s FOMC meeting, cryptocurrency markets were once again trading higher, with polygon (MATIC) being one of today’s biggest gainers. Despite the top 20 mainly trending upward, some in this list were mainly lower during the course of the session.
The biggest winners
Polygon (MATIC), which was one of the biggest gainers in the top 20, was up 12% in Wednesday’s session, hitting an intraday high of $1.72 in the process.
The move saw MATIC/USD bounce from its support level of $1.49, and attempt to make a run for resistance at $1.77.
Today’s rally saw prices rise to the 4-day high, leading the RSI to drop from 33 to 37, which is the biggest gain in price strength since January 20th.
Although there has historically been increases in price at the current rate, should MATIC/USD find its way to $1.80, market uncertainty could likely increase.
Looking at the chart below, there appears to be several bearish candlesticks at this level, which could mean that the bulls that entered at $1.49 could probably start taking profits as we get closer to resistance. .
Traders will now wait to see how this move plays out as we head to the end of the day.
The biggest losers
Although most of the top 20 cryptos were in the green for most of today’s session, there were a few exceptions, including cosmos (ATOM).
ATOM fell for the second consecutive session, falling by as much as 9%, resulting in it hitting a low of $33.47 in the process.
The selling took place at the resistance level of $36.25, which is a long-established ceiling in terms of price movement.
Looking at the chart, a downward cross between the 10/25-day moving averages has also occurred, which could mean that the current bearish momentum may continue in upcoming days.
