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Biggest Movers: MATIC Remains Near 11-Month Low as Price Plunges by 9%

MATIC Remains Near 11-Month Low, as Price Plunges by 9%

Polygon moved closer to an 11-month low on Thursday, as crypto markets continue to react to yesterday’s United States Fed rate decision. The global market cap is trading 4% lower as of writing, as a wave of bears captured sentiment. Litecoin plunged to a three-month low today.

Polygon (MATIC)

Polygon (MATIC) was a notable mover on Thursday, as the price slipped by as much as 9%, nearing a multi-month low in the process.

MATIC/USD fell to a floor of $0.5951 earlier in today’s session, after trading at a high of $0.6598 on Wednesday.

As a result of this drop in price, polygon moved closer to Saturday’s bottom at $0.5059, which was its lowest point since last July.

From the chart, today’s drop saw the token move below a floor at $0.6000, just as the relative strength index (RSI) found one of its own at the 21.00 mark.

Currently, price strength is tracking at 22.19, which is still significantly oversold, and could potentially prompt long-term bulls to buy the dip.

A ceiling at the 25.00 mark will likely act as a test for traders, and should they pass this point, there is a possibility that MATIC could be heading back above $0.7500.

Litecoin (LTC)

In addition to polygon, litecoin (LTC) also moved considerably lower in today’s session, hitting a three-month low in the process.

After trading at a peak of $77.86 on Wednesday, LTC/USD retreated to a low at $72.02 earlier in the day.

This bottom pushed litecoin to its weakest point since March 12, falling below a floor at $73.00 in the process.

This downturn came as the 10-day (red) moving average (MA) extended its recent crossover with the 25-day MA.

On top of this, the RSI also slipped below a key support zone at 31.00, and as of writing, is tracking at 30.89.

LTC has since moved back above $73.00, with bulls now targeting a resistance level near the $80.00 mark.

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Why did yesterday’s Fed rate decision result in crypto market weakness? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/NCuY68K
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