BCH rebounded to its destination on the day Bitcoin broke its $20,000 support point, climbing higher on Saturday. BCH is up nearly 7% to start the weekend, while MATIC is down to its lowest point since last April.
Bitcoin Cash (BCH)
Despite another red wave in the crypto markets on Saturday, BCH was able to avoid it, and instead rose almost 10%.
BCH/USD hit an intraday peak of $123.31 earlier in the day, less than a day after falling to a low of $109.11.
Friday’s low was BCH’s lowest level since February 2019, with the price falling below the recent support at $110.
However, after this three-year low, the bulls made a concerted effort to push the price away from this point.
As of writing, earlier gains have been somewhat dampened, with Bitcoin Cash trading around $5 below today’s previous peak.
Overall, the price is down about 30% from the same point last week.
Polygon (MATIC)
While BCH moved away from a multi-year low, MATIC moved towards one as prices fell to begin the weekend.
On Saturday, MATIC/USD declined 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 nearly three months that saw the price drop by $1.37.
Despite this intense selloff, MATIC remains in the top 20 of the cryptocurrency, although it may face challenges to stay there if this downside level continues.
At the time of writing, the 14-day RSI is hovering slightly above its floor of 27, a point that has not been broken since May 12.
If this change happens, the bears would like to push the price towards $0.3000 and eventually lower.
Will MATIC ever trade above $1 again? Let us know your thoughts in the comments.
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