Fun

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

News Feed - 2022-12-17 01:12:27

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. ADA/USD – Daily Chart


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/USD – Daily Chart


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.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story ada, Analysis, Cardano, matic, Polygon


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


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project MARKET UPDATES | 5 hours ago Bitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout MARKET UPDATES | 10 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAccounting Firm Mazars Stops Proof-of-Reserve Audits for Crypto Firms, Binance Audit Removed From the Web Next articleEarn 175% APR Through ApeCoin (APE) Staking on LBank Exchange Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users
Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users sponsored Binance, the world’s leading blockchain ecosystem and cryptocurrency platform
$70K BTC price by the halving? 5 things to know in Bitcoin this week
William Suberg48 minutes ago$70K BTC price by the halving? 5 things to know in Bitcoin this weekBTC price volatility is the name of the game this week as macro pressures combine with the incoming Bitcoin halving.503 Tota
Jesse Coghlan4 hours agoCrypto firm Helio Lending gets bond sentence over false license claimsMelbourne-based crypto lender Helio Lending had previously pleaded guilty to falsely claiming it had an Australian credit lice
Italian Serie ‘A’ Soccer Team AC Milan to Launch NFT Initiative
Italian Serie "A" Soccer Team AC Milan to Launch NFT Initiative AC Milan, a popular soccer team in the Italian Serie A league and the current champion, announced the launch of a ne
Wall Street Journal Reporter Chastised Over Satoshi Nakamoto ‘Unmasking’ Editorial
Wall Street Journal Reporter Chastised Over Satoshi Nakamoto ‘Unmasking’ Editorial During the last week, mainstream media outlets have been publishing reports that say “
Technical Analysis: THETA, GALA, and SAND Lead Weekend Crypto Bears
Technical Analysis: THETA, GALA, and SAND Lead Weekend Crypto Bears THETA, GALA, and SAND were some of Saturday’s biggest cryptocurrency casualties, as an onslaught of beari
Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion
Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion On November 1, at block height 707,639, a blockchain parser caught two bitcoin whale transfe
Ana Paula Pereira8 hours ago‘That’s fraud,’ prosecutors say in closing arguments at Sam Bankman-Fried trialThe U.S. government delivered its closing arguments in New York in an effort to convince the jury that SBF
South Korean convenience store sells Bitcoin-themed 'meal boxes'
Savannah Fortis20 minutes agoSouth Korean convenience store sells Bitcoin-themed "meal boxes"A convenience store in South Korea is offering Bitcoin meal boxes in collaboration with the local exchange Bithumb where custom
Ethereum, Solana And Cardano Trend After Crypto Crash – Here’s What You Should Know
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
BAYC co-creator Greg Solana takes up reins as Yuga Labs CEO
Brayden Lindrea10 minutes agoBAYC co-creator Greg Solana takes up reins as Yuga Labs CEOSolano said he wants to prioritize the utility of Bored Ape Yacht Club NFTs and recreate a space for the “magic and crazy shit”
Millennium Management discloses $2B in Bitcoin ETF holdings
Tom Mitchelhill3 hours agoMillennium Management discloses $2B in Bitcoin ETF holdingsInternational hedge fund Millennium Management has reported it holds $1.94 billion across five different spot Bitcoin ETF products.2803