Polygon moved closer to an 11-month low on Thursday, as crypto markets continue to react to yesterday’s United States Fed rate decision. The global market cap is trading 4% lower as of writing, as a wave of bears captured sentiment. Litecoin plunged to a three-month low today.
Biggest Movers: MATIC Remains Near 11-Month Low, as Price Plunges by 9%
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Polygon (MATIC)
Polygon (MATIC) was a notable mover on Thursday, as the price slipped by as much as 9%, nearing a multi-month low in the process.
MATIC/USD fell to a floor of $0.5951 earlier in today’s session, after trading at a high of $0.6598 on Wednesday.
As a result of this drop in price, polygon moved closer to Saturday’s bottom at $0.5059, which was its lowest point since last July.
From the chart, today’s drop saw the token move below a floor at $0.6000, just as the relative strength index ( RSI) found one of its own at the 21.00 mark.
Currently, price strength is tracking at 22.19, which is still significantly oversold, and could potentially prompt long-term bulls to buy the dip.
A ceiling at the 25.00 mark will likely act as a test for traders, and should they pass this point, there is a possibility that MATIC could be heading back above $0.7500.
Litecoin ( LTC)
In addition to polygon, litecoin ( LTC) also moved considerably lower in today’s session, hitting a three-month low in the process.
After trading at a peak of $77.86 on Wednesday, LTC/USD retreated to a low at $72.02 earlier in the day.
This bottom pushed litecoin to its weakest point since March 12, falling below a floor at $73.00 in the process.
This downturn came as the 10-day (red) moving average (MA) extended its recent crossover with the 25-day MA.
On top of this, the RSI also slipped below a key support zone at 31.00, and as of writing, is tracking at 30.89.
LTC has since moved back above $73.00, with bulls now targeting a resistance level near the $80.00 mark.
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