ADA hits all-time low on Friday, MATIC extends recent downtrend – Reuters

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Cardano fell to an all time low on Friday as sentiment in the crypto markets remained bearish in today’s session. The token fell for a third day in a row, with prices dropping below a key floor price in the process. Polygon also extended recent declines, hitting multi-week lows.

Gimbal (ADA)

Cardano (ADA) hit an all-time low during 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 selloff comes as Cardano fell for a third consecutive 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 breached once before, on November 21st.

The 14-day Relative Strength Index (RSI) also broke below a low of 35.50 and, at the time of writing, stands at 30.91.

This is the lowest point the index has reached since October 22, with prices hitting a low of $0.3100 on the occasion.

Polygon (MATIC)

Polygon (MATIC) was another notable token to fall today, with prices also dropping for a third day in a row.

After a high of $0.891 on Thursday, MATIC/USD fell to a low of $0.8483 earlier in the day.

Following this decline, the polygon hit its lowest point since November 30, when prices hit a low of $0.837.

MATIC/USD – Daily Chart

MATIC has since rebounded from previous lows and is currently trading at $0.8569, which is still nearly 4% below Thursday’s low.

The slight bounce comes as the RSI rejected a break of a support point at the 43.00 level, and the index currently sits at 44.26.

Historically, bulls have used this floor as a re-entry point, and if it happens again, then we could see MATIC retrace towards the $0.90 level.

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What other factors explain the current drop in crypto prices? Let us know your thoughts in the comments.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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