ADA Hits All-Time Low on Friday, MATIC Extends Recent Downtrend – Market Updates Bitcoin News
Cardano fell to an all-time low on Friday as sentiment in crypto markets remained bearish in today’s session. The token fell for the third day in a row, with prices moving below a key price floor in the process. Polygon also extended recent declines, hitting multi-week lows 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 fell 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 session in a row, 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 breached once before, on November 21st.
The 14-day relative strength index (RSI) also moved below a floor of 35.50, and currently stands at 30.91.
This is the lowest point the index has hit since October 22, with prices hitting a low of $0.3100 on that occasion.
Polygon (MATIC)
Polygon (MATIC) was another notable symbol that fell today, with prices also moving lower for a third consecutive day.
After a high of $0.891 on Thursday, MATIC/USD fell to a low of $0.8483 earlier in the day.
As a result of this drop, the polygon moved to its lowest point since November 30, when prices hit a low of $0.837
MATIC has since rebounded from previous lows, and is currently trading at $0.8569, which is still nearly 4% lower than Thursday’s floor.
This slight pullback comes as the RSI rejected a breakout of a support point 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 happen again, 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.
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