Thursday, 2 March 2023
by Berkeley Lovelace
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) 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.
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.
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.
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.
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Do you expect polygon to hit $1.30 in the coming days? Let us know your thoughts in the comments.