Polygon edged closer to its 11-month low this Thursday, as the crypto markets continued to process the recent U.S. Federal Reserve rate decision. As of writing, the global market cap is trading 4% lower, reflecting the bearish sentiment that has overtaken the market. Meanwhile, Litecoin tumbled to its lowest in three months today.
Polygon (MATIC) made a significant downward shift on Thursday, with its price dropping by as much as 9%, approaching a multi-month low.
During today’s trading session, MATIC/USD touched a low of $0.5951, following a peak of $0.6598 on Wednesday.
This reduction in price pushed Polygon closer to last Saturday’s low point of $0.5059, marking its lowest level since the previous July.
MATIC/USD – Daily Chart
From a chart perspective, this drop led the token to fall below the $0.6000 floor, as the relative strength index (RSI) established its level at 21.00.
At present, the price strength stands at 22.19, indicating a substantial oversold condition, which might encourage long-term bulls to seize the opportunity and buy the dip.
A resistance level at the 25.00 mark could pose a challenge for traders. Should this level be breached, it is possible that MATIC could rebound above $0.7500.
Alongside Polygon, Litecoin (LTC) also took a significant hit in today’s session, falling to a three-month low.
After peaking at $77.86 on Wednesday, LTC/USD pulled back to an earlier low of $72.02 today.
This slump drove Litecoin to its lowest level since March 12, dipping below a floor level at $73.00.
LTC/USD – Daily Chart
This decline was accompanied by the 10-day (red) moving average (MA) prolonging its recent crossover with the 25-day MA.
Additionally, the RSI fell below a crucial support zone at 31.00, and as of writing, is currently at 30.89.
Since then, LTC has climbed back above $73.00, with bulls setting their sights on a resistance near the $80.00 level.
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Frequently Asked Questions (FAQs) about Crypto Market Trends
What cryptocurrency has significantly moved on Thursday?
Polygon (MATIC) was a notable mover on Thursday, with its price slipping by as much as 9% and nearing an 11-month low. In addition, Litecoin (LTC) also significantly lowered, hitting a three-month low.
Why did Polygon (MATIC) and Litecoin (LTC) drop in price?
The price drops for both Polygon (MATIC) and Litecoin (LTC) are in response to the bearish sentiment that has overtaken the crypto market, largely triggered by the recent U.S. Federal Reserve rate decision.
What was the low point for Polygon (MATIC) during Thursday’s trading session?
During Thursday’s trading session, Polygon (MATIC) fell to a low of $0.5951.
What was the low point for Litecoin (LTC) on Thursday?
On Thursday, Litecoin (LTC) retreated to a low at $72.02, marking its weakest point since March 12.
Is there a possibility of a rebound for Polygon (MATIC) and Litecoin (LTC)?
There’s always a possibility of a rebound in the volatile crypto market. For Polygon (MATIC), a breakthrough above a resistance level of 25.00 could potentially lead to the price moving back above $0.7500. For Litecoin (LTC), if the bulls succeed in overcoming a resistance near the $80.00 level, the price may rise again.
More about Crypto Market Trends
- Polygon (MATIC) Price Analysis
- Litecoin (LTC) Price Analysis
- Understanding Crypto Market Trends
- US Federal Reserve Rate Decision Impact on Cryptocurrency
- Understanding Relative Strength Index (RSI)