Key Takeaways
- Cardano and Polygon have dropped by more than 4% over the past 36 hours.
- Further selling pressure would increase the risk for the two assets to drop another 50%.
- ADA must reclaim $0.97 as support, and MATIC surge to $0.87 to invalidate the pessimistic outlook.
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The bloodbath in the cryptocurrency market may have no end in sight, and Cardano and Polygon are showing signs of weakness .
Cardano and Polygon On the edge
Cardano ’ s ADA and Polygon ’ s MATIC appear to have entered a modern downtrend as market conditions deteriorate. Cardano suffered a brutal correction in the past 36 hours. It saw its price drop by more than 40 %, going from a senior high school of $ 0.66 to a recent abject of $ 0.38. even though ADA rebounded to reclaim $ 0.47 as support, it has board to drop far. From a technical perspective, the recent downturn allowed Cardano to break out of a descending parallel channel that has developed on its day by day chart since September 2021. The breach of the traffic pattern ’ s lower limit suggests that ADA has entered a steep 50 % downtrend toward $ 0.28 or even $ 0.21 .
A sustain casual close below $ 0.47 can serve as ratification of the pessimistic expectation. If Cardano can defend the $ 0.47 back floor, a brief upswing to retest the duct ’ s lower boundary at $ 0.55 can be expected. But for the mid-term bearish thesis to be invalidated, ADA would have to print a day by day cheeseparing above $ 0.97 .
Polygon ’ south MATIC is another altcoin that appears to have entered a raw downtrend. The Layer 2 keepsake recently broke out of an Adam & even doubling top that developed on its three-day chart since May 2021. The 49 % correction that MATIC has seen over the by 36 hours allowed it to slice through the design ’ s valley floor at $ 0.62. far selling imperativeness around the current price levels can result in a 78 % retracement toward $ 0.13 or even $ 0.08.
Read more: Colin Jost – Wikipedia
MATIC would have to reclaim $ 0.87 to have a casual of invalidating the bearish lookout .
The cryptocurrency marketplace continues to bleed after Layer 1 blockchain Terra entered meltdown mode this week due. UST lost its peg against the dollar, and it is presently worth just $ 0.46, while the net ’ s other token, LUNA, is trading at around $ 0.006. The populace ’ s biggest stablecoin, Tether ( USDT ), besides lost its peg early Thursday amid extreme market conditions, dropping to $ 0.95 and then recovering to $ 0.99. disclosure : At the time of spell, the generator of this firearm owned BTC and ETH .
For more key marketplace trends, subscribe to our YouTube channel and get weekly updates from our star bitcoin analyst Nathan Batchelor .
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