Cardano was one of the notable gainers on July 4th, as the token jumped to a ten-day high in today’s session. The move came as the global cryptocurrency market was mostly in the green, despite the lower than usual market volume. Polygon also hit a multi-week high.
Cardano (ADA) climbed to a ten-day high on Tuesday, despite the market volume being low as a result of Independence Day in the United States.
ADA/USD rose to a peak of $0.3009 earlier in the session, which comes a day after dropping to a bottom at $0.2917.
Following today’s rally, cardano jumped to its highest level since June 25, when the token was above $0.305.
As seen on the chart, Tuesday’s move pushed ADA marginally above a ceiling of $0.295, however bears have rejected a full breakout.
The token is now hovering close to this point, with the relative strength index (RSI) below a ceiling of its own at 51.00.
Price strength is currently at a reading of 49.91, after earlier momentum faded.
Polygon (MATIC) remained near a four-week high in today’s session, following a five-day bulls run.
MATIC/USD bulls pushed the price to a peak of $0.7193 late on Monday, with traders consolidating these gains today.
The token dropped to an intraday low of $0.6829 earlier in the session, after reaching its strongest point since mid-June the day prior.
One of the catalysts of the drop appears to be a collision with a ceiling at 55.00, which is on the RSI indicator.
At the time of writing this, the index is now at a reading of 51.60, which is marginally above floor at 51.00.
Should this floor fail to hold in the coming days, it is likely that more bears will reenter the market.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect polygon to slip further this week? Let us know your thoughts in the comments.