Biggest Movers: BCH Higher to Start the Weekend, MATIC Hits 15-Month Low Market Updates Bitcoin News – Bitcoin News

On a day where bitcoin broke out of its $20,000 support point, BCH bounced on its own floor, climbing higher on Saturday. BCH was up by nearly 7% to start the weekend, whilst MATIC fell to its lowest point since last April.

Despite yet another red wave in crypto markets on Saturday, BCH was able to evade this, and instead rose by almost 10%.

BCH/USD hit an intraday peak of $123.31 earlier in the day, which came less than a day after falling to a low of $109.11.

Fridays bottom was the lowest level BCH has traded at since February 2019, and came as prices fell below the recent support at $110.

However, following this three-year low, bulls made a concerted effort to lift prices away from this point.

As of writing, earlier gains have somewhat eased, with bitcoin cash trading around $5 lower than todays previous peak.

Overall, prices are down nearly 30% from the same point last week.

Whilst BCH moved away from a multi-year low, MATIC moved towards one, as prices slipped to start the weekend.

On Saturday, MATIC/USD fell to a low of $0.3631, which is nearly 10% lower than yesterdays high of $0.406.

Todays decline saw MATIC hit its lowest level in 15 months, following a rough three months which saw prices drop from $1.37.

Despite this intense sell-off, MATIC continues to remain in the cryptocurrency top 20, however should this level of declines persist, it may face challenges to remain there.

As of writing, the 14-day RSI is hovering slightly above its floor of 27, which is a point that hasnt been broken since May 12.

Should this change, then bears will look to take prices towards, and eventually below, $0.3000.

Will MATIC ever trade above $1 again? Let us know your thoughts in the comments.

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Shutterstock / FellowNeko

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

See more here:
Biggest Movers: BCH Higher to Start the Weekend, MATIC Hits 15-Month Low Market Updates Bitcoin News - Bitcoin News