Defying all odds, Polygon – MATIC’s performance has been so impressive since the start of the year as it recovered nicely with over 30% gains. The bulls are back and looking for more levels to tap.

Once again, Matic bounced above a crucial demand zone and increased consistently for two weeks to reach $1.05 during last weekend’s trading. It has flipped a lot of high levels with no major retracement to foot more rallies.

The price closed slightly below $1 yesterday but quickly charged back above it today with a 3.3% gain. It has shown a sign of strength again and may continue to rally high for the rest of the week. The recent price rejection is at the same time a signal to pay attention to.

If we consider a selling pressure for this pair, it would have to roll below the important level of $0.7 before we can start to think of a bearish continuation. As of now, the trend has changed and now looking supper bullish from a short-term perspective.

As soon as Litecoin finds a successful break out of structure at the $1.3 resistance level – marked in November 2022 – massive buying pressure is expected to launch the market into a bull run. 

LTC trades at resistance following a 20% gain in a week. This gain may wash away if it loses momentum this week.

Matic’s Key Levels To Watch

Source: Tradingview

All the flipped resistance levels now act as support. In case of a retracement, the first line of support to keep in mind is $0.95, followed by $0.87 and $0.817, respectively. There is also support at $0.75 if the price continues to drop. A dip from here would connect $0.73, right inside the orange demand zone, and $0.7 below it.

The last week’s high of $1.05 is held as resistance. If Litecoin overcomes this level, the next rally will hit $1.18 on the way up and perhaps $1.3 before breaking higher.

Key Resistance Levels: $1.05, $1.18, $1.3

Key Support Levels: $0.95, $0.87, $0.817

Spot Price: $1.05
Trend: Neutral-Bullish
Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: skorzewiak/123RF / Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 19, 2023 6:44 am