Polygon was one of the biggest movers in crypto markets on Tuesday, as the token fell by over 5% in today’s session. The decline saw the token fall to its weakest point in two months, breaking out of a key support point in the process. Cardano was also in the red today.
Polygon (MATIC)
Polygon (MATIC) dropped to a two-month low on Tuesday, as the token lost over 5% of its market value.
After peaking at $0.5679 to start the week, MATIC/USD slipped to an intraday low of $0.5351 earlier in the day.
The sell-off saw polygon plunge to its weakest point since June 10, when price neared a breakout below $0.5000.
MATIC/USD – Daily Chart
Today’s move came as MATIC fell under a support point of $0.5600, with the relative strength index (RSI) also edging lower.
As of writing, price strength is currently tracking at 21.24, since slipping below a floor at the 24.00 level.
Should momentum remain bearish in the coming days, it is likely MATIC will fall under $0.5000.
Cardano (ADA)
In addition to MATIC, cardano (ADA) was also in the red during today’s session, falling for a second straight day.
ADA/USD slipped to a bottom of $0.2582 earlier in the day, which comes less than 24 hours after trading at a high of $0.2684.
The decline sees cardano move closer to a key support point of $0.2500, following last week’s breakout below this mark.
ADA/USD – Daily Chart
Looking at the chart, the RSI is also edging closer to a floor of its own at 30.00, and is currently tracking at 32.56.
In the event a move occurs below this mark, ADA bears will likely look to exit short positions at $0.2400.
