On Tuesday, Polygon stood out as one of the most significant market movers in the cryptocurrency sector, with the token’s value decreasing by more than 5%. This loss caused the token to descend to its most fragile level in a two-month period, surpassing a vital support point in the process. Cardano also recorded a decline.

Polygon (MATIC)

Polygon’s token, known as MATIC, reached its lowest point in two months on Tuesday, shedding over 5% of its market capitalization.

Having started the week at a peak of $0.5679, MATIC/USD subsequently decreased to an intraday trough of $0.5351 earlier in the same day.

The downward movement drove Polygon to its most vulnerable point since June 10, approaching a point where the price nearly broke out below the $0.5000 level.

MATIC/USD – Daily Chart

The decline occurred as MATIC breached a support point at $0.5600, while the relative strength index (RSI) trended downwards as well.

At the time of this report, the price strength stands at 21.24, having descended past a threshold at the 24.00 level.

If the bearish momentum persists in the upcoming days, MATIC may further fall to below $0.5000.

Cardano (ADA)

Besides MATIC, Cardano (ADA) also experienced a decrease during today’s trading session, declining for two consecutive days.

Earlier in the day, ADA/USD fell to a low of $0.2582, less than a day after trading at a peak of $0.2684.

This drop moves Cardano closer to an essential support level at $0.2500, subsequent to last week’s breach below this point.

ADA/USD – Daily Chart

From the chart, it can be observed that the RSI is nearing a critical floor at 30.00, currently positioned at 32.56.

Should the price drop below this mark, those with short positions in ADA are likely to seek exit strategies at $0.2400.

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Will Cardano continue its downward trend in the days to come? Share your insights in the comments section.

Frequently Asked Questions (FAQs) about fokus keyword: cryptocurrency

What is the recent performance of MATIC in the crypto market?

MATIC (Polygon) declined to a two-month low on Tuesday, losing over 5% of its market value. The price fell to an intraday low of $0.5351, and the trend appears bearish, possibly falling under $0.5000 if the momentum remains.

Did Cardano also experience a decrease in the market?

Yes, Cardano (ADA) was also in the red during the same session, falling for a second straight day. ADA/USD slipped to a low of $0.2582, moving closer to a key support point of $0.2500.

What are the key support points for MATIC and ADA?

For MATIC, a key support point was identified at $0.5600, and it fell under this during the decline. For ADA, a key support point is at $0.2500, and the price is moving closer to this mark following last week’s breakout below it.

What are the Relative Strength Index (RSI) levels for MATIC and ADA?

The RSI for MATIC is tracking at 21.24, having slipped below a floor at the 24.00 level. For ADA, the RSI is edging closer to a floor at 30.00, and it is currently tracking at 32.56.

How can I receive weekly updates on price analysis?

You can register your email to receive weekly technical analysis reports on price updates. The text includes a sign-up option to subscribe to these updates directly in your inbox.

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5 comments

Sarah J August 23, 2023 - 7:25 am

I knew Cardano was heading that way! sold mine just in time. Great insights here, keep up the good work.

Reply
Alex Chen August 23, 2023 - 7:37 am

Just signed up for the weekly updates, hope they’re as good as this analysis. Good job folks, keep it up!

Reply
Timothy K August 23, 2023 - 8:48 am

im new to crypto, this technical stuff is way over my head, but this analysis helps. where can I learn more about support levels, RSI, etc.

Reply
John Smith August 23, 2023 - 2:54 pm

Really concerned about MATIC’s drop. what do you guys think, is it going to go even lower? Need some advice!

Reply
Megan O'Neil August 23, 2023 - 11:16 pm

What’s happening with other cryptocurrencies? This seems like a trend. Want to know more about the overall market… Is everything going down?

Reply

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