TRON Nears Crypto Top 10, as MATIC Extends Its Declines – Reuters

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Tron edged closer to the top 10 cryptocurrencies on Wednesday as the token rose for a second straight day. Prices climbed nearly 2% during today’s session, despite the marginal decline in global market capitalization. Polygon, which currently sits in the tenth position, fell to its lowest level in five months.

TRON (TRX)

TRON (TRX), rose 2% on Wednesday as the token edged closer to entering the top 10 cryptocurrencies.

After a low of $0.06841 on Tuesday, TRX/USD hit an intraday high of $0.07031 earlier in the session.

Following this jump, TRX is now slightly above a long-term resistance level of $0.070.

TRX/USD – Daily Chart

It looks like the bulls’ goal might be to not only break through this ceiling, but also to move to $0.072, which would see the token hit a three-month high.

One of the main hurdles preventing this is the Relative Strength Index (RSI), which is currently trailing at 59.67, below resistance at 60.00.

If and when price strength moves past this point, there will likely be more bulls re-entering the market.

Polygon (MATIC)

Polygon (MATIC), which is currently the tenth largest cryptocurrency in the world, fell for a fifth consecutive day.

MATIC/USD dipped as low as $0.866, less than a day after the token was trading near $0.90.

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

MATIC/USD – Daily Chart

Looking at the chart, this period of heavy selling sent the RSI below 30.00, which is deep in oversold territory.

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

MATIC is now trading at $0.8723, which is slightly above its previous lows.

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

Elie Dambell

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

Image credits: Shutterstock, Pixabay, Wiki Commons

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