On the day Bitcoin broke the $20,000 support point,BCHbounced on its own floor and rose higher Saturday. BCHrallied nearly 7% over 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,BCHmanaged to avoid this and instead rose almost 10%.
BCH/USD hit an intraday peak of $123.31 less than a day later after falling to a low of $109.11.
Friday’s bottom was the lowest levelBCHtraded since February 2019, as prices fell below recent support at $110.
But after this three-year low, bulls made a concerted effort to lift prices from this point.
As of this writing, the earlier rally has eased somewhat, with Bitcoin Cash trading about $5 lower than its previous peak today.
Overall, prices are down nearly 30% from the same point last week.
Polygon (MATIC)
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while 71} BCH moved away from multi-year lows while MATIC moved toward multi-year lows as prices fell over the weekend.
On Saturday, MATIC/USD fell to a low of $0.3631, nearly 10% lower than yesterday’s high of $0.406.
With today’s drop, MATIC hit a 15-month low, after a rough three-month decline from $1.37.
Despite this heavy sell-off, MATIC continues to stay in the top 20 cryptocurrencies, but if the decline continues at this level, there could make it difficult to stay there.
At the time of this writing, the 14-day RSI is hovering just above the lower limit of 27, a point that has not been broken since May 12.
At this rate, the bears will look to take it toward and eventually below $0.3000.
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