In this article we go over what news is most relevant to crypto Litecoin (LTC), Polygon (MATIC) and Pepe (PEPE).
Let’s take stock of the situation by analyzing the prices of the 3 cryptocurrencies and assessing what cues provided on price action.
All the details below.
The news for the crypto assets Litecoin, Polygon and Pepe
Let’s mention what are the most important news for the 3 crypto assets: Litecoin, Polygon and Pepe.
Starting with Litecoin, the most interesting fact to note is the fact that the US Securities and Exchange Commission has NOT designated the cryptocurrency as an unregistered security.
Litecoin is not among this list, at least for now.
Moreover, it is worth noting that in about 50 days (on 2 August) there will be the third halving for the cryptocurrency, which will impose a 50% cut to the block reward of network miners, similar to what happens with Bitcoin.
As for Polygon, which instead is on the list of security tokens according to the SEC, the most important news concerns the publication of a tweet of support toward the community by Polygon Labs.
Following the latest events that are now well-known even to the uninitiated, the team behind the MATIC crypto reassures that everything is going right and that outside the United States there is an immense market in which Layer 2 infrastructure will be able to play an important game.
In the same post it was divulged that there will be announcements related to Polygon’s exciting technology this week.
Finally speaking of the Pepe crypto there is not much to discuss.
Since there is no underlying technology for the memecoin, there is nothing but talk within the community about the price, the popularity of the token itself, and the engagement achieved on social media.
If we really want to mention something about “Pepe the frog,” we can quote Coingecko’s tweet in which it is revealed that the crypto came in first place in the trending token rankings for the last week.
Even in a bearish environment for Pepe, the memecoin gains attention from the enthusiastic crypto audience.
Price analysis of the crypto assets Litecoin (LTC), Polygon (MATIC) and Pepe (PEPE)
On the chart side, we begin the price analysis of the 3 crypto assets with Litecon (LTC).
Digital silver was affected by the sell off on Saturday 10 June, registering -13.5% on its value, remaining flat the next day.
Right now the cryptocurrency is in a very important support zone on a weekly time frame.
The $70-$85 trading range is a source of liquidity on the order book, having been particularly watched by traders in several situations such as in March 2023 and November/December 2022.
The area, which is very important to monitor for LTC price action, has been a very important cluster in the past, specifically in November 2020, before the bull run in the asset’s prices.
Litecoin now trades at a value of $77.07 per coin, a capitalization of $6 billion, and a trading volume in the past 24 hours of $471 million.
Moving on to another cryptocurrency, we can see how MATIC was one of the crypto assets most affected by the bloodbath on 10 June.
The dump represents the icing on the cake of a bearish trend that was triggered on 18 February 2023, the day the asset began its descent starting at the price of $1.52.
In just 4 months, MATIC has lost 60% of its capitalization, but now it may be poised for a trend reversal.
The RSI these days has touched an oversold value of 18 points (daily time frame), which generally signals a buying opportunity in the short term.
Yesterday, MATIC rose 4.2%, taking a breather from the previous day’s panic.
Right now a reclaim of the 10-period moving average at $0.76 is very feasible, while that of the 60-period average, in the $0.90 area, is a somewhat more difficult target.
The crypto now records a price of $0.64 with a capitalization of $6 billion and volume of $581 million in the past 24 hours.
Finally, on the PEPE front, the situation appears to be painfully more complex for the crypto community’s most beloved frog.
Assumptions of a bullish restart last week were shot down by Saturday’s mass selling, which reinforced the bearish structure of PEPE’s chart.
prices are stably below the fast moving averages and there does not seem to be the connotations for a recovery in the short term.
Should PEPE miss the 0.00000080 mark it could easily fall another 50% undoing all the progress made in the second half of April.
Currently the crypto has a capitalization of $364 million and volume in the last 24 hours of $113 million.
The altcoin massacre of the past few days
Investors’ fears are related to the fact that the US government may ban the exchange of certain cryptocurrencies within US territory, citing Securities Act regulations that prevent securities framed as “security” from being sold without approval from federal agencies.
Against this backdrop of uncertainty, as it should be, market participants have found themselves on the verge of having to liquidate most of their positions.
Usually when scenarios are this sensitive, the riskiest speculative financial products, such as the entire alt segment, are the first to be affected by selling pressures.
This graphic from the “Crypto Bubbles” platform, which shows the price changes over the past week in the ranking of the top 100 cryptocurrencies by market capitalization, gives an idea of how impactful the sell off on 10 June was.
All cryptocurrencies, with the exception of stablecoins, posted double-digit percentage decreases.
On Saturday alone, about $42 billion evaporated from the market.
Perhaps it is still too early to talk about an altseason, a period when alternative coins record killer price rallies.
However, it is precisely when the blood is flowing in the streets that moves must be diligently planned for the weeks ahead.
Although it is not yet the time to place buy orders and get too unbalanced in the altcoin sector, which is still at risk of declines, it is interesting to take a look at the chart proposed by “Blockchaincenter.”
The chart indicates the historical periods when traders are more likely to shift their liquidity to Bitcoin rather than altcoins, and vice versa.
Right now we are in the midst of Bitcoin season, with the dominance of the main crypto asset at its highest in 2 years.
As mentioned above, pushing into alt accumulation now may be too hasty a move.
However, it is good to monitor the trend of Bitcoin dominance if one intends to look for the best buying opportunities between now and the coming months.
Sooner or later, better times will come.