• Polygon (MATIC) retreated from a multi-month high on Monday, as traders moved in to secure recent gains.
• Chainlink (LINK) also moved lower, as prices were unable to break out of a key resistance level.
• Global market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.
Monday marked a decline in two of the biggest cryptocurrencies, as Polygon (MATIC) and Chainlink (LINK) both retreated from recent highs. MATIC/USD slipped to an intraday bottom of $1.11 to start the week, while LINK/USD declined to a low of $6.98 earlier in the day.
The decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI). As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00. Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.
Meanwhile, LINK was unable to move beyond the key price ceiling of $7.50. As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. The RSI is currently tracking at 56.06, with a floor of 55.00 the next visible target for bears.
The declines in MATIC and LINK come as the global market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing. This could be indicative of traders taking profits from the recent gains made by both tokens, as MATIC rose to its strongest point since November 8, while LINK rose to a high of $7.45 on Sunday.
It remains to be seen whether the declines in MATIC and LINK are short-term, or whether they will continue throughout the week. For now, bulls are likely still present and could look to make a move above $7.50 in the coming days for LINK. For MATIC, traders will be looking for a floor at 60.00, while they also wait to see if prices are able to push back above $1.20.