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The US has reached a “provisional deal” on the debt ceiling crisis after a week of high uncertainty. As news of the deal flooded the market, the cryptocurrency reacted slightly positively, with Bitcoin and Ethereum prices rising above $27,000 and $1.8 million, respectively.
This outlook was also seen across the top 10 altcoin markets, showing easing sentiment as Litecoin (LTC), Arbitrum (ARB) and Polygon (MATIC) rose. Yet, as May draws to a close, the market remains generally weak.
Here’s what a prominent crypto analyst predicted for LTC, ARB, and MATIC:
In March, LTC creator Charlie Lee presented a huge price prediction for Litecoin. Pointing to the 14th-ranked cryptocurrency (by market cap today), Lee said Litecoin’s price could rise to 0.0125 BTC in another bull cycle. He also believed that LTC’s downside could be supported at 0.0025 BTC.
The LTC price is currently trading near $89.40 or $0.0032 against Bitcoin, above this latter level. In recent weeks, analysts have pointed out that the upcoming halving of Litecoin is likely to bring new upward momentum.
According to crypto analyst Michael van de Poppe, the bulls need to break out of the key resistance at $93 on the higher timeframe. The psychological $100 level will also come into view as buyers focus on the halving rally, he said. tweeted.
“There are many squiggles on this chart, but higher timeframe resistance is at $93. Support is currently at $82 and a strong pullback -> weekly candlestick looks good.The halving rally could begin next week as it breaks above $93.hand. “
MATIC traded low Attempts to reverse highs in April have been rejected as price has been below $1.00 since March (CoinJournal highlighted subsequent price action) here). Although it is still below the dollar, the bulls could gain an upper hand if it regains control above $0.95.
MATIC/USD is currently around $0.92. Van de Poppe said MATIC has risen significantly above this key area since it unveiled the NFT during the Formula 1 Monaco Grand Prix. Can the bulls pick up momentum from here?
“I would really like to see it flip $0.95 and after that it can accelerate towards $1.30 to $1.50. If not, the short is activated and you can go long at $0.75.said the analyst Said In response to one of your requests for altcoin analysis.
The Arbitrum, which was up 3.9% to $1.20 over the past 24 hours at the time of writing, needs to sustain above the $1.18 level to encourage the bulls to move higher.This could add momentum to $1.30, says van de Poppe I got it.
“Again, fall into resistance. So the entry is available to him for $1.10. If the $1.18 resistance is clearly broken and not reversed, I believe a short will be triggered on a dip below $1.18.Otherwise, long-term trade towards $1.30“
