The cryptocurrency market saw some notable developments this week, with Litecoin (LTC) hitting a 9-day high and Polygon (MATIC) wiping out its previous losses.
Litecoin (LTC)
LTC/USD began the month with a rally to a 9-day peak and managed to breach a resistance level in the middle of the month. The token surged past the $95.00 barrier after reaching a low of $93.52 on Tuesday.
The chart reveals that one of the catalysts for the move was a break in the RSI.
Power moved over the 53.00 level and is presently being tracked at 55.61 degrees.
The next seen support level appears to be around the $58.00 mark. Regardless of whether it is reached there is a strong likelihood that LTC will exceed $100.00.
Polygon (MATIC)
MATIC/USD also broke its current losing streak. Bulls prevented the break of a key support level.
The token was at a high of $1.26 on Wednesday after dropping to $1.19 the day before, and is now back up.
The current downward pressure has resulted in a jump in value after the token dipped below $1.18.
A potential crossover between the 10-day moving average, red (blue), and its 25-day counterpart is just a stone’s throw away. However, this has been postponed by the current rally.
Any further delay to this move will make it more likely that bulls will seek another surge in value. Bulls seem to be focusing on the $1.30 ceiling.
Do you think the Polygon will reach $1.30 in the coming few days? We would love to hear your thoughts.
