- LTC bulls need to clear $93, a major hurdle below the psychological $100 level.
- MATIC needs to claw back $1 to target the $1.30-$1.50 range. Otherwise there is a risk of it falling to $0.75.
- Elsewhere, market reaction to news of the US debt ceiling sent Arbitrum prices up 3.9%, pushing ARB closer to key resistance levels.
The US has reached a ‘tentative agreement’ on the debt ceiling crisis after a week of high uncertainty. As news of the transaction spread through the market, cryptocurrencies reacted slightly positively, with Bitcoin and Ethereum prices exceeding $27,000 and $1,800 respectively.
The outlook also showed in the top 10 altcoin markets, with sentiment easing as Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC) rose. Nonetheless, the market remains weak as May comes to an end.
Here’s what respected cryptocurrency analysts predict for LTC, ARB, and MATIC.
Litecoin Price Prediction: $93 Is Key to LTC Rise
Last March, LTC creator Charlie Lee gave a massive Litecoin price prediction. Pointing to the 14th-largest cryptocurrency (by current market capitalization), Lee said Litecoin’s price could rise as high as 0.0125 BTC in a new bull cycle. He also believed that LTC’s downside could be supported at 0.0025 BTC.
Currently, LTC price is above the latter level as it is trading near $89.40 or $0.0032 against Bitcoin. In recent weeks, analysts have pointed out that Litecoin’s upcoming halving is likely to trigger new upward momentum.
According to cryptocurrency analyst Michael van de Poppe, bulls need to break the key resistance level at $93 on a higher period. The psychological $100 level will then become visible as buyers look toward a halving rally. tweeted.
“There are a lot of waves on this chart, but the higher period resistance is at $93. Currently $82 support and strong rebound -> weekly candlestick looks good. It could break $93 next week and start a halving rally.tea.”
Polygon Price Prediction: MATIC needs to break above $1 again.
MATIC is traded lower Attempts to increase the price starting in March were rejected with the price falling below $1.00 in April (CoinJournal highlighted the subsequent price movements). here). Although it remains below the dollar, the bulls could gain the upper hand if they regain control above $0.95.
Currently MATIC/USD is around $0.92. According to van de Poppe, MATIC has gone far beyond this key area since announcing NFTs at the F1 Monaco GP. Can the bulls gain momentum from here?
“I would really like to see it move to $0.95. Then we can accelerate to $1.30-1.50. If not, the sell will be active and you can buy for $0.75.“said the analyst. said This is a response to one of my altcoin analysis requests.
Arbitrum Price Prediction: ARB is close to major resistance.
As of this writing, Arbitrum, up $1.20, or 3.9%, over the past 24 hours, would need to stay above the $1.18 level to increase its upside. It could help van de Poppe’s upward momentum to $1.30. famous.
“Let’s go back to resistance. That means the item is available for $1.10. If the resistance at $1.18 is not clearly broken and there is no reversal, we assume a sell-off will occur when the price falls below $1.18. Otherwise, a long-term continuation trade towards $1.30 is possible..”