Litecoin Continues Demonstrating A Strong Performance While MATIC Evades Losses

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Litecoin (LTC)

Wednesday saw the trading price of Litecoin record a significant pump. As the trading day began, the investors started to pour in huge investments in favor of the asset.

The asset’s value kept on rising and the strong buying momentum of the bulls was able to push it to the highest level in over a week.

The best thing about the recent trend is that the bulls were able to push it over a strong resistance level. Once the particular level was breached, the price of the asset kept on surging until it reached the peak level.

The trading value of LTC on Tuesday was at a low of $93.52. This was before the strong bullish rally kicked in and the buyers were able to push the asset’s price higher.

On Wednesday, the trading price of the asset went all the way up to the weekly peak price, which was $97.93.

The peak price hit by LTC on Wednesday was higher than the asset had managed to hit throughout the month of February.

In February, the trading price of the asset managed to hit a high of $95.00. According to the technical analysis report, it was the ceiling level that the asset was expected to hit in February.

The relative strength index is also favoring the bullish trend as it is moving closer to the breakout level. If it happens and the bulls are true, able to make it happen, then LTC’s price would continue pumping.

With more investments coming in favor of LTC, the trading price of the asset would continue to rise. It will continue hitting higher trading levels and more investors will continue joining the trend.

At the moment, the RSI for LTC is at 55.61 and it recently managed to cross the first ceiling level at 53.00. However, the RSI has continued climbing higher and it is expected to hit another ceiling level.

If things go well and the asset keeps moving in the positive direction, then the RSI would go up to hitting and crossing the next ceiling at 58.00.

If this happens, then the trading price of LTC would continue moving higher and it may reach up to $100.

Polygon (MATIC)

As for Polygon, the situation was mainly bearish until the bulls showed who the real boss was. The bears had been constantly increasing their selling power, which was pulling MATIC’s price lower.

The bulls were not having any of that and they proceeded with rejecting the selling efforts of the bears. The bulls kicked back just before the bears were able to pull the asset down to the key price floor.

Just as the price of MATIC had hit a low of $1.19 on Tuesday, the bulls increased their buying power. They kicked start a strong buying spree, which was able to move the asset’s price higher.

This is the reason why the trading price of MATIC rose all the way up to a high of $1.26 on Wednesday. The price of the asset get moved higher as a result of the strong buying momentum achieved by the bulls.

The bulls increase their buying pressure just as the trading price of MATIC had fallen below a strong support level. The asset had reportedly fallen below the $1.18 mark, which was not a good sign.

It indicated that the bears were in power and they could move the price of the asset as they pleased. However, the bulls intervened with their buying power and changed the market trend entirely.

Although the bulls have achieved a strong rally that has pushed its price higher, they need to do more. The bulls will have to keep buying MATIC with more buying power.

This would eventually help them hit the current ceiling level of $1.30. If things work out well, the trading price of the asset would eventually make it past the particular level.


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