- MATIC spiked after Polygon’s recent NFT announcement during the GP Monaco F1.
- ARB’s current price provides a long entry opportunity at $1.10.
Michael van de Poppe, CEO and founder of MN Trading, notes that Litecoin (LTC) could break above the resistance at $93 and initiate a pre-halving rally in the new week. In a tweet, van de Poppe observed LTC found support at $82 and only needs a bounce to enter the new phase.
Van de Poppe explained his LTC analysis using a screenshot of the LTC/USDT daily chart on TradingView. He explained that many squiggles in the price chart could affect the short-term LTC price behavior. However, according to the renowned crypto analyst, the trend looks more profound in the higher time frame, with the $82 support more obvious on the weekly chart.
LTC’s next halving will happen in August 2023. The last halving event occurred in August 2019, after which the price rallied by over 400% to reach an ATH of $413, based on data from TradingView.
Van de Poppe noted the price activity on MATIC as another significant event crypto traders should monitor. According to him, Polygon’s recent NFT announcement during the GP Monaco F1 resulted in a spike in the price of MATIC. With a screenshot, van de Poppe showed MATIC’s price already tested resistance at $0.95. He believes with a break above this level, MATIC’s price would accelerate toward the $1.30 to $1.50 price region.
On the contrary, van de Poppe thinks failure to overcome the $0.95 resistance could see MATIC’s price drop further, creating a lower entry opportunity for long trades at $0.75.
Van de Poppe also analyzed Arbitrum’s (ARB) price behavior, noting the Layer 2 scaling solution is loitering around a resistance. He noted ARB’s current price provides a long entry opportunity at $1.10. However, if ARB does not break and flip the $1.18 resistance, van de Poppe projects ARB’s price to drop. A confirmed break above $1.18 could see an ARB rally toward $1.30.