The MATIC/USDT trading pair experienced a bounce from its support zone at $1.0784-$1.0538 on the one-hour chart. The asset was unable to break below its 200-day moving average, signaling a bullish trend. The digital asset's recent price action has brought it close to its current resistance area at $1.2915-$1.2669.
MATC/USDT 1-Hour Trading Analysis (Source: TradingView)
However, the relative strength index (RSI) of MATIC currently stands at 69.05. An RSI level above 70 typically indicates a potential trend reversal, and given MATIC's proximity to its resistance level, it could be at risk of experiencing a reversal in the near term.
LTC/USDT 1-Hour Trading Analysis (Source: TradingView)
Litecoin, the popular cryptocurrency, has been gaining attention in the market as of late, as its trading volume saw a significant uptick of over 10% in the past 24 hours, indicating a growing accumulation among investors. The digital asset has also broken out from its previous price structure and is currently trading near its 1-hour resistance level.
Litecoin is also trading above its 200-day moving average, which is a bullish sign, similar to other altcoins in the market. Moreover, the Relative Strength Index (RSI) value of 58.81 suggests that Litecoin is currently in a strong upward trend. These technical indicators could potentially pave the way for even more growth in the near future.
DOT/USDT 1-Hour Trading Analysis (Source: TradingView)
Polkadot, the altcoin that has been making waves in the market recently, is the subject of our final technical analysis. Currently, DOT has rebounded from its support level after several retests. As of this writing, DOT is trading above its 200-day moving average. However, its trend remains somewhat uncertain.
Market observers should closely watch to see if DOT will retest the 200-day moving average or break through the resistance level. If the latter occurs, it could push DOT's price above $7 in the coming days. Additionally, DOT has seen a sharp increase in trading volume, rising 51.09% over the past 24 hours.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.