MATIC and ADA Experience Bearish Decline

By Benito Cormi Aug 22, 202368Views

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Polygon (MATIC) and Cardano (ADA) both experienced losses in the crypto market. Here are the key points:

Polygon (MATIC):
1. MATIC dropped to a two-month low, losing over 5% of its market value.
2. It reached an intraday low of $0.5351, the weakest point since June 10.
3. The sell-off was triggered by falling below a support point of $0.5600.
4. The relative strength index (RSI) is currently at 21.24, indicating bearish momentum.
5. If the bearish trend continues, MATIC may fall below $0.5000.

Cardano (ADA):
1. ADA fell for a second consecutive day, reaching a bottom of $0.2582.
2. This decline brings it closer to a key support point of $0.2500.
3. The RSI is currently at 32.56, approaching a floor at 30.00.
4. If the RSI drops below 30.00, ADA bears may exit short positions at $0.2400.

In summary, both MATIC and ADA faced selling pressure and are at risk of further declines in the near future.

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Benito Cormi

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.