On Thursday, Polygon experienced a significant surge, reaching a high not seen in five weeks. This rise was prompted by the founders of the token proposing an upgrade that introduces a new coin called POL. If this proposal is approved, MATIC will be replaced by the new token, which will function across all Polygon networks. In addition, Litecoin (LTC) also rallied and achieved a one-month high.
Polygon (MATIC) witnessed a multi-week high on Thursday, driven by the news of the founders’ proposal to replace the MATIC token within the network.
Should the proposal succeed, POL will become the official token of Polygon. This announcement has contributed to the surge in the MATIC/USD price, peaking at $0.7668 today.
Consequently, MATIC reached its highest point since June 9, when it soared to $0.7890.
MATIC/USD – Daily Chart
Analyzing the chart, the price surge occurred after the relative strength index (RSI) broke through the resistance level of 60.00.
Currently, the index stands at 62.34, with the next visible resistance level at 70.00.
If this threshold is breached, MATIC is likely to trade above $0.8000.
Litecoin (LTC) also experienced a notable surge in today’s session, with the price surpassing the $100.00 mark.
After hitting a low of $94.79 on Wednesday, LTC/USD swiftly rose to an intraday peak of $101.45 earlier today.
Overall, this marks the highest level the token has reached since last Thursday when it peaked at $105.95.
LTC/USD – Daily Chart
The upward movement occurred after bulls rebounded from a support level at $95.00, with the RSI finding its bottom at 53.00.
Presently, the price strength reads 57.88, and LTC continues to achieve higher highs as the day progresses.
The next prominent target is set at $102.00, and if the price surpasses this level, there is a strong possibility of LTC reaching $105.00 in the upcoming days.
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Frequently Asked Questions (FAQs) about Cryptocurrency
Q: What is the reason behind Polygon’s surge and reaching a five-week high?
A: Polygon experienced a surge and reached a five-week high due to the proposal made by the founders to replace the MATIC token with a new token called POL, which would function across all Polygon networks. This news has generated excitement and boosted the price of MATIC.
Q: What is the significance of the proposed token upgrade for Polygon?
A: The proposed token upgrade, if approved, will result in the replacement of MATIC with the new token, POL, as the official token of Polygon. This upgrade aims to enhance the network’s functionality and has contributed to the positive price movement of MATIC.
Q: How did Litecoin perform in relation to its price?
A: Litecoin (LTC) performed well, rallying and surpassing the $100.00 mark. After hitting a low, LTC/USD climbed to a one-month high, showing strength in its price movement.
Q: What factors contributed to the price surge of Litecoin?
A: The price surge of Litecoin was driven by market demand and bullish momentum. Additionally, the rebound from a support level and the increase in the relative strength index (RSI) played a role in boosting LTC’s price.
Q: What are the potential price targets for MATIC and LTC in the coming days?
A: For MATIC, if it breaks through the resistance level of $0.8000, it could continue trading higher. As for LTC, if it surpasses the $102.00 level, there is a good chance it could reach $105.00 in the near future. However, it’s important to note that cryptocurrency prices are highly volatile and subject to market fluctuations.
More about Cryptocurrency
- Polygon Official Website
- Litecoin Official Website
- Polygon (MATIC) on CoinMarketCap
- Litecoin (LTC) on CoinMarketCap
- Understanding Relative Strength Index (RSI)