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Biggest Movers: MATIC Climbs 25%, Re-Enters Crypto Top 20 

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MATIC returned to the top 20 cryptocurrencies on Thursday as prices surged over 25% in today’s session. The token replaced FTT, which entered the list after Wednesday’s MATIC decline. ATOM also rose today, hitting a 12-day high.

Polygon (MATIC)

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MATIK was one of outstanding movers on the crypto markets on Thursday, when the token re-entered the top 20 list.

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After a low of $0.4042 on Wednesday, MATIC/USD rose today to an intraday peak of $0.5145.

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The move saw MATIC become the 18th largest cryptocurrency in the world by market capitalization, hitting an 11-day peak.

Biggest drivers: MATIC climbs 25% as it re-enters the top 20 cryptocurrencies
MATIC/USD – daily chart

Despite this rise, it appears that the bulls are eyeing the $0.6650 ceiling as their next price target.

Overall, MATIC is up more than 25% in today’s session, and its seven-day average is now approaching a 30% gain.

In addition, the 14-day RSI is at its highest level in more than three months after hitting a high of 48.64 earlier today.

Overall, sentiment appears to be solidly bullish in the short term, however, traders will see if it escalates into the medium term.

Space (ATOM)

ATOM also rose to an 11-day high on Thursday as prices rose for the fifth straight session.

After breaking through its low at $5.50 last week as prices reached their lowest level since January 2021, ATOM bulls re-entered the market in full force.

As a result of this short-term rise in bullish sentiment, ATOM/USD rose to an intraday high of $7.73 earlier today.

Biggest drivers: MATIC climbs 25% as it re-enters the top 20 cryptocurrencies
ATOM/USD – daily chart

This rise means that prices are now trading almost 12% above yesterday’s lows, sending them to their most valuable level since June 12.

Looking at the chart, this increase in momentum means that the ten-day moving average is now approaching a potential crossover with the 25-day SMA.

If that happens, then we will likely see prices not only reach but break through the $10 resistance.

You expect ATOM break out of this resistance before the end of the month? Let us know your thoughts in the comments.

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