Biggest Movers: TRON Nears Crypto Top 10, as MATIC Extends Declines

Tron moved closer to being in the cryptocurrency top 10 on Wednesday, as the token rose for a second straight day. Prices climbed by nearly 2% in today’s session, despite the global market cap moving marginally lower. Polygon, which currently occupies the tenth position, fell to a five-month low.

TRON (TRX)

TRON (TRX), rose by as much as 2% on Wednesday, as the token moved closer to entering the cryptocurrency top 10.

Following a low of $0.06841 on Tuesday, TRX/USD climbed to an intraday peak of $0.07031 earlier in the session.

As a result of this jump, TRX is now marginally above a long-term resistance level of $0.070.

Biggest Movers: TRON Nears Crypto Top 10, as MATIC Extends Declines
TRX/USD – Daily Chart

It appears that the target for bulls could be to not only break this ceiling, but move to $0.072, which would see the token hit a three-month high.

One of the main obstacles preventing this is the relative strength index (RSI), which is currently tracking at 59.67, below resistance at 60.00.

If and when price strength moves beyond this point, there will likely be more bulls reentering the market.

Polygon (MATIC)

Polygon (MATIC) which is currently the world’s tenth largest cryptocurrency, fell for a fifth straight day.

MATIC/USD plunged to a bottom at $0.866, less than a day after the token was trading near $0.90.

This latest decline in price has pushed polygon to its lowest point since January 11, when it traded at $0.84.

Biggest Movers: TRON Nears Crypto Top 10, as MATIC Extends Declines
MATIC/USD – Daily Chart

Looking at the chart, this spell of sell-offs has sent the RSI below 30.00, which is deep in oversold territory.

The last time price strength tracked this low was back in July 2022, which may give bulls optimism that a reversal could be soon approaching.

MATIC is now trading at $0.8723, which is marginally higher than its earlier lows.

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Could MATIC fall further this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




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