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Biggest Movers: MATIC 5% Lower on Tuesday, Hitting a 2-Month Low

Biggest Movers: MATIC 5% Lower on Tuesday, Hitting a 2-Month Low

Polygon was one of the biggest movers in crypto markets on Tuesday, as the token fell by over 5% in today’s session. The decline saw the token fall to its weakest point in two months, breaking out of a key support point in the process. Cardano was also in the red today.

Polygon (MATIC)

Polygon (MATIC) dropped to a two-month low on Tuesday, as the token lost over 5% of its market value.

After peaking at $0.5679 to start the week, MATIC/USD slipped to an intraday low of $0.5351 earlier in the day.

The sell-off saw polygon plunge to its weakest point since June 10, when price neared a breakout below $0.5000.

Today’s move came as MATIC fell under a support point of $0.5600, with the relative strength index (RSI) also edging lower.

As of writing, price strength is currently tracking at 21.24, since slipping below a floor at the 24.00 level.

Should momentum remain bearish in the coming days, it is likely MATIC will fall under $0.5000.

Cardano (ADA)

In addition to MATIC, cardano (ADA) was also in the red during today’s session, falling for a second straight day.

ADA/USD slipped to a bottom of $0.2582 earlier in the day, which comes less than 24 hours after trading at a high of $0.2684.

The decline sees cardano move closer to a key support point of $0.2500, following last week’s breakout below this mark.

Looking at the chart, the RSI is also edging closer to a floor of its own at 30.00, and is currently tracking at 32.56.

In the event a move occurs below this mark, ADA bears will likely look to exit short positions at $0.2400.

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Could cardano continue to trend lower in the coming days? Let us know your thoughts in the comments.



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