On a day when Bitcoin broke out of its $20,000 support point, BCH rallied on its own bottom and surged higher on Saturday. BCH was up nearly 7% at the start of the weekend, while MATIC fell to its lowest level since last April.
Bitcoin Cash (BCH)
Despite another red wave in the crypto markets on Saturday, BCH managed to buck it and instead surged nearly 10%.
BCH/USD hit an intraday high of $123.31 earlier in the day, which came less than a day after crashing to a low of $109.11.
Friday’s bottom was the lowest level BCH has traded since February 2019 and came as prices fell below recent support at $110.
After that three-year low, however, the bulls made a concerted effort to lift prices from that point.
As of this writing, previous gains have moderated somewhat, with Bitcoin Cash trading about $5 below today’s high.
Overall, prices are down almost 30% since last week.
While BCH moved away from a multi-year low, MATIC was moving towards one as prices slid earlier in the weekend.
On Saturday, MATIC/USD fell to a low of $0.3631, down almost 10% from yesterday’s high of $0.406.
Today’s drop saw MATIC hit its lowest level in 15 months after three months of falling prices from $1.37.
Despite this intense sell-off, MATIC still remains in the top 20 cryptocurrencies, but should this level of declines continue, it could face challenges staying there.
As of this writing, the 14-day RSI is hovering slightly above its 27 floor, a point that has not been breached since May 12th.
If this changes, the bears will attempt to sink the prices towards and eventually below $0.3000.
Will MATIC ever trade above $1 again? Let us know your thoughts in the comments.
photo credit: Shutterstock, Pixabay, Wiki Commons, Shutterstock / FellowNeko
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