{"id":15549,"date":"2022-12-16T17:36:46","date_gmt":"2022-12-16T17:36:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ada-hits-all-time-low-on-friday-matic-extends-recent-downtrend-market-updates-bitcoin-news\/"},"modified":"2022-12-16T17:36:46","modified_gmt":"2022-12-16T17:36:46","slug":"ada-hits-all-time-low-on-friday-matic-extends-recent-downtrend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ada-hits-all-time-low-on-friday-matic-extends-recent-downtrend-market-updates-bitcoin-news\/","title":{"rendered":"ADA Hits All-Time Low on Friday, MATIC Extends Recent Downtrend \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cardano fell to an all-time low on Friday, as sentiment in crypto markets remained bearish in today\u2019s 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. <\/strong><\/p>\n

Cardano (ADA<\/a>)<\/h2>\n

Cardano (ADA<\/a>) hit an all-time low in today\u2019s session, as sentiment in cryptocurrency markets remains bearish, following recent economic data.<\/p>\n

ADA<\/a>\/USD dropped to an intraday low of $0.2845 earlier in today\u2019s session, less than a day after trading at $0.3026.<\/p>\n

Today\u2019s sell-off comes as cardano fell for a third straight session, breaking out of a key support point in the process.<\/p>\n

\"Biggest
ADA<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, the aforementioned floor is at the $0.3000 mark, which was broken once before, on November 21.<\/p>\n

The 14-day relative strength index (RSI) also moved below a floor of 35.50, and as of writing is tracking at 30.91.<\/p>\n

This is the lowest point the index has hit since October 22, with prices hitting a bottom of $0.3100 on that occasion.<\/p>\n

Polygon (MATIC)<\/h2>\n

Polygon (MATIC) was another notable token to fall today, with prices also moving lower for a third straight day.<\/p>\n

Following a high of $0.891 on Thursday, MATIC\/USD dropped to a bottom of $0.8483 earlier in the day.<\/p>\n

As a result of this drop, polygon moved to its lowest point since November 30, when prices hit a bottom of $0.837<\/p>\n

\"Biggest
MATIC\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

MATIC has since rebounded from earlier lows, and is currently trading at $0.8569, which is still nearly 4% lower than Thursday\u2019s floor.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

What other factors are behind today\u2019s decline in crypto prices? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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