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
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