The US has reached a “tentative deal” on its debt limit crisis after a week of high uncertainty. With the news of the deal seeping through the markets, cryptocurrencies reacted slightly positively as Bitcoin and Ethereum prices rose above $27k and $1.8k respectively. This outcome was also visible across the top 10 altcoin market, with sentiment relief showing in Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC). Despite this, markets remain largely weak as May comes to a close. Here is what a respected crypto analyst has predicted for LTC, ARB and MATIC.
Litecoin price prediction: $93 key to LTC bulls
In March, LTC creator Charlie Lee offered a Litecoin price prediction. He suggested the 14th ranked cryptocurrency (by market cap today) could rise to 0.0125 BTC in a new bull cycle, and also believed a downside for LTC could find support at 0.0025 BTC. The current LTC price is above this latter level as it trades near $89.40 or 0.0032 against bitcoin.
In recent weeks, analysts have pointed to Litecoin’s upcoming halving as a likely trigger for fresh upside momentum. According to crypto analyst Michael van de Poppe, bulls need to break above a key resistance at $93 on the higher timeframe for the psychological $100 level to be in reach. He tweeted, “Many squigglies on this chart, but higher timeframe resistance is at $93. Currently, support found at $82 and a strong bounce -> weekly candle looks good. Next week breaking through $93 and the Halving rally might start.”
Polygon price prediction: MATIC needs to break above $1 again
MATIC has traded lower since March, with an attempt to flip higher running into rejection in April as the price fell below $1.00. Although it remains below the dollar, bulls might have the upper hand if they reclaim control above $0.95. Currently, MATIC/USD is around $0.92. According to van de Poppe, MATIC bounced well above this key area since its NFT announcement during the F1 Monaco GP.
In reply to a request for altcoin analysis, the analyst said, “I really want to see it flip $0.95, then we can accelerate towards $1.30-1.50. If that’s not the case, then short is activated and longs can be taken at $0.75.”
Arbitrum price prediction: ARB is near key resistance
Arbitrum, which was trading at $1.20 and 3.9% up in the past 24 hours at the time of writing, needs to hold above the $1.18 level to give bulls an upside boost. That could aid momentum to $1.30, van de Poppe noted. He tweeted, “Again, into resistance. This means, entries are available at $1.10. If it doesn’t clearly break & flip the resistance at $1.18, I’d assume shorts are triggered when falling back sub $1.18. Otherwise, long continuation trade towards $1.30.”