Tuesday, June 18, 2024

On July 4th, Cardano (ADA) stood out as one of the top performers, surging to a ten-day high during today’s trading session. This upward movement occurred amidst a predominantly positive global cryptocurrency market, despite lower-than-usual trading volume. Additionally, Polygon (MATIC) also experienced a multi-week high.

Cardano (ADA)

Despite the lower market volume due to Independence Day in the United States, Cardano (ADA) reached a ten-day high on Tuesday.

During the session, ADA/USD peaked at $0.3009, following a previous dip to $0.2917 the day before.

The latest rally propelled Cardano to its highest level since June 25 when the token was trading above $0.305.

ADA/USD – Daily Chart

As depicted on the daily chart, Tuesday’s surge pushed ADA slightly above the $0.295 resistance level. However, the bears prevented a complete breakout.

Currently, the token hovers near this point, with the relative strength index (RSI) remaining below its own resistance at 51.00.

At present, the price strength indicator stands at 49.91, indicating a decline in momentum from earlier levels.

Polygon (MATIC)

During today’s trading session, Polygon (MATIC) maintained its position near a four-week high, following five consecutive days of bullish activity.

Bulls pushed the price of MATIC/USD to a peak of $0.7193 late on Monday, and traders are consolidating these gains today.

Earlier in the session, the token dropped to an intraday low of $0.6829 after reaching its strongest point since mid-June the day before.

MATIC/USD – Daily Chart

The drop in price appears to have been triggered by a resistance level at 55.00, as indicated by the RSI.

As of the time of writing, the RSI stands at 51.60, marginally above the support level of 51.00.

If this support level fails to hold in the coming days, it is likely that more bears will enter the market.

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Share your thoughts on whether you anticipate Polygon slipping further this week in the comments section below.

Frequently Asked Questions (FAQs) about cryptocurrency market

What were the notable gainers in the cryptocurrency market on July 4th?

Cardano (ADA) and Polygon (MATIC) were among the notable gainers on July 4th. Cardano reached a ten-day high, while Polygon remained near a four-week high.

Why did Cardano (ADA) reach a ten-day high despite low market volume?

Cardano’s surge to a ten-day high was not significantly affected by the low market volume. It is believed that despite the lower-than-usual trading volume, the overall positive sentiment in the global cryptocurrency market contributed to Cardano’s upward movement.

What were the price levels for ADA/USD and MATIC/USD during the trading session?

During the trading session, ADA/USD peaked at $0.3009, following a previous dip to $0.2917. On the other hand, MATIC/USD reached a peak of $0.7193 before dropping to an intraday low of $0.6829.

What were the resistance levels indicated by the RSI for ADA/USD and MATIC/USD?

For ADA/USD, the RSI indicated a resistance level of 51.00. As for MATIC/USD, the RSI showed a resistance level of 55.00.

Will Polygon (MATIC) slip further this week?

The potential for Polygon to slip further this week depends on whether the support level at 51.00 holds in the coming days. If the support level fails, there is a likelihood of more bearish pressure in the market.

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1 comment

BitInvestor July 5, 2023 - 6:45 pm

so ada reached a peak at $0.3009 and matic at $0.7193. resistance levels at 51.00 and 55.00, let’s see if they hold. keep an eye on the rsi, it can give some clues about market momentum.


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