Biggest Movers: BCH Higher to Start the Weekend, MATIC Hits 15-Month Low
On a day where bitcoin broke out of its $20,000 support point, BCH bounced on its own floor, climbing higher on Saturday. BCH was up by nearly 7% to start the weekend, whilst MATIC fell to its lowest point since last April. Bitcoin Cash (BCH)
Despite yet another red wave in crypto markets on Saturday, BCH was able to evade this, and instead rose by almost 10%.
BCH/USD hit an intraday peak of $123.31 earlier in the day, which came less than a day after falling to a low of $109.11.
Friday’s bottom was the lowest level BCH has traded at since February 2019, and came as prices fell below the recent support at $110. BCH/USD – Daily Chart
However, following this three-year low, bulls made a concerted effort to lift prices away from this point.
As of writing, earlier gains have somewhat eased, with bitcoin cash trading around $5 lower than today’s previous peak.
Overall, prices are down nearly 30% from the same point last week.
Polygon (MATIC)
Whilst BCH moved away from a multi-year low, MATIC moved towards one, as prices slipped to start the weekend.
On Saturday, MATIC/USD fell to a low of $0.3631, which is nearly 10% lower than yesterday’s high of $0.406.
Today’s decline saw MATIC hit its lowest level in 15 months, following a rough three months which saw prices drop from $1.37. MATIC/USD – Daily Chart
Despite this intense sell-off, MATIC continues to remain in the cryptocurrency top 20, however should this level of declines persist, it may face challenges to remain there.
As of writing, the 14-day RSI is hovering slightly above its floor of 27, which is a point that hasn’t been broken since May 12.
Should this change, then bears will look to take prices towards, and eventually below, $0.3000. Tags in this story Analysis, BCH, bitcoin cash, matic, Polygon
Will MATIC ever trade above $1 again? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Below $20,000, ETH Slips Under $1,000 MARKET UPDATES | 12 hours ago Biggest Movers: HNT Nears 1-Week High, as XMR Rebounds on Friday MARKET UPDATES | 1 day ago
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