Biggest Movers: LTC Hits 9-Day High, While MATIC Snaps Recent Losses

Biggest Movers: LTC Hits 9-Day High, While MATIC Snaps Recent Losses

Litecoin surged to a nine-day high to start the month, breaking out of a recent resistance point in the process. The token climbed past the $95.00 level, as bulls made a run for the $100.00 mark. Polygon also snapped a recent losing streak, by bouncing from a key support point. Litecoin (LTC)

Litecoin (LTC) climbed to its highest point in over a week on Wednesday, following a breakout of a recent resistance level.

Following a low of $93.52 on Tuesday, LTC/USD started the month of March by climbing to a high of $97.93.

This surge sent litecoin to its strongest point since February and came as prices moved past a ceiling at $95.00. LTC/USD – Daily Chart

Looking at the chart, one of the catalysts for the move was a breakout on the relative strength index (RSI).

Price strength moved above a ceiling at 53.00, and as of writing is tracking at the 55.61 level.

The next visible point of support seems to be near the 58.00 mark, and should this be hit, there is a strong chance that LTC will move beyond $100.00. Polygon (MATIC)

Additionally, polygon (MATIC) also snapped a recent losing streak, as bulls rejected a breakout of a key price floor.

MATIC/USD moved to a peak of $1.26 on Wednesday, after falling to a bottom of $1.19 the day prior.

The jump in price comes after an attempt to move below support at $1.18, following recent downward pressure. MATIC/USD – Daily Chart

Currently, the 10-day (red) moving average is a stone’s throw away from a potential cross with its 25-day (blue) counterpart, which has been delayed by today’s rally.

In order to further delay this action, there will likely need to be another jump in price, with bulls likely to target the $1.30 ceiling.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story LiteMATIC, LTC, Polygon, Technical Analysis

Do you expect polygon to hit $1.30 in the coming days? Let us know your thoughts in the comments. Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn MARKET UPDATES | 9 hours ago Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence  MARKET UPDATES | 10 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn Next articleLogium V1: The Simple Way to Profit From Crypto Betting Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"

Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether