Cardano (ADA), Polygon (MATIC) Price Analysis – December 3, 2021

November session has most digital token dipping to hit multi-week barriers. However, bulls secured the level and tried to trigger price upturns. As a result, alternative coins such as MATIC and ADA recorded gains over the last 24 hours. Furthermore, MATIC cracked the long-term resistance, hitting its 6-month high on December 3. Let us analyst the altcoins and their price reactions.

Cardano (ADA)

ADA finally overpowered its downtrends. That came after the steady downward channel decline for more than 25 days. Meanwhile, the descending channel emerged after the coin’s price climbed in an inclining wedge pattern to touch a 1-month high on November 9.

The sell-off phase from November 9 translated to a more than 35% price dip, and ADA hit a 16-week low on November 28. After that, the price actions respected the trend, falling into it. The last four days had bulls retesting the $1.62 –level three times and eventually breached the zone on December 2. As a result, Cardano registered a 9.3% surge over the past day. While writing these updates, ADA trades at $1.67.

The Relative Strength Index climbed to a 3-week high, nearing the overbought territory. Now, it shows some slowing signals after displaying a bullish outlook. Such movements possibly suggested bears are trying to hit the $1.62-level. However, the Awesome Oscillator and the DMI conformed to the bullish momentum.

Polygon (MATIC)

MATIC saw a 46.25% ROI from November 28 low in the last five days. That comes after the altcoin suffered a 3-day correction phase. Nevertheless, MATIC surged after forming a climbing wedge on the four-hour chart.

Meanwhile, MATIC mimicked the overall market trend as the altcoin dropped after an enjoyable October. The altcoin hit a 1-month low on November 18 after shedding more than a 1-third of its price from October 29 high.

However, bulls presented a 7-week long barrier at $1.43. As a result, MATIC saw a 14-day 48.9% surge, cracking its 6-month-long resistance near $2.22. The upswing strengthened MATIC to hit a 6-month peak on December 3.

While publishing this article, MATIC recorded a 4.5% gain within 24 hours to trade at $2.23. The Relative Strength Index stayed active after testing the overbought region for more than 72 hours. Moreover, the MACD and DMI confirmed the previous narratives.

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