BCH bounced off its own floor and climbed higher Saturday on a day when bitcoin was breaking out of the $20,000 support mark. BCH gained nearly 7 percent to begin the weekend while MATIC lost almost 7% since April.
Bitcoin Cash (BCH).
BCH gained almost 10% in spite of another red tide on crypto markets Saturday.
BCH/USD reached an intraday high of $123.31 in the morning, less than one day after it fell to $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.
The bulls took an aggressive approach to reverse the decline in prices after this 3-year low.
As of writing, earlier gains have somewhat eased, with bitcoin cash trading around $5 lower than today’s previous peak.
The overall price of the goods is down by nearly 30% over last week.
Polygon (MATIC).
While BCH fell from its multi-year lows, MATIC moved in the opposite direction. Prices dropped to begin this 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 is still in the Top 20 Cryptocurrency List despite its intense selling. But, if it continues to decline, there may be challenges for MATIC to stay 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.
If the situation changes, bears might look at lowering prices to $0.3000, or even lower.
Is MATIC likely to trade at least $1 once again? Please share your views with us in the comments.
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