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Biggest Movers: ADA Hits All-Time Low on Friday, MATIC Extends Recent Downtrend

Cardano fell to an all-time low on Friday, as sentiment in crypto markets remained bearish in today’s session. The token fell for a third consecutive day, with prices moving below a key price floor in the process. Polygon also extended recent declines, hitting a multi-week low as a result.

Cardano (ADA)

Cardano (ADA) hit an all-time low in today’s session, as sentiment in cryptocurrency markets remains bearish, following recent economic data.

ADA/USD dropped to an intraday low of $0.2845 earlier in today’s session, less than a day after trading at $0.3026.

Today’s sell-off comes as cardano fell for a third straight session, breaking out of a key support point in the process.

Looking at the chart, the aforementioned floor is at the $0.3000 mark, which was broken once before, on November 21.

The 14-day relative strength index (RSI) also moved below a floor of 35.50, and as of writing is tracking at 30.91.

This is the lowest point the index has hit since October 22, with prices hitting a bottom of $0.3100 on that occasion.

Polygon (MATIC)

Polygon (MATIC) was another notable token to fall today, with prices also moving lower for a third straight day.

Following a high of $0.891 on Thursday, MATIC/USD dropped to a bottom of $0.8483 earlier in the day.

As a result of this drop, polygon moved to its lowest point since November 30, when prices hit a bottom of $0.837

MATIC has since rebounded from earlier lows, and is currently trading at $0.8569, which is still nearly 4% lower than Thursday’s floor.

This slight rebound comes as the RSI rejected a breakout of a point of support at the 43.00 level, and the index is currently at the 44.26 mark.

Historically, bulls have used this floor as a point of reentry, and should this reoccur, then we could see MATIC move back towards the $0.90 level.

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What other factors are behind today’s decline in crypto prices? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/sGtxH1y
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