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

Permalink Report to webmaster

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.

Register your email here to get weekly price analysis updates sent to your inbox:

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

Source: Bitcoin News

#MarketUpdates, #Ada, #Analysis, #Cardano, #Cryptocurrency, #Matic, #Polygon, #TechnicalAnalysis

Tips routing
Powered by Blockchain Financial
Register at Blockchain Financial and make your own button to receive tips and payments with cryptocurrencies
We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic.

By clicking "Accept All" you consent to our use of cookies, which are protected under the terms of our Privacy Policy. Preferences are stored in your browser for 60 days, and you can remove them at any time.
Customize Reject all Accept all