Cryptocurrency analyst Michaël van de Poppe shared his views on the three altcoins in a recent tweet. It analyzed price movements and potential scenarios for Litecoin (LTC), Polygon (MATIC), and Arbitrum (ARB).
Litecoin (LTC)
For LTC, he said the coin is facing resistance on a longer timeframe at $93 and must be broken to initiate a rally before the upcoming halving event. He noted that the coin bounced strongly from the $82 support and formed a bullish weekly candle. He suggested that if LTC can break above $93 next week, it could trigger a halving rally.
Request 01 – $LTC
Many squigglies on this chart, but higher timeframe resistance is at $93.
Currently, support found at $82 and a strong bounce -> weekly candle looks good.
Next week breaking through $93 and the Halving rally might start. pic.twitter.com/k8Xtp70Tai
— Michaël van de Poppe (@CryptoMichNL) May 27, 2023
Polygon (MATIC)
For MATIC, he said the coin is doing well after its partnership with NFT platform Ethernity Chain was announced during the Monaco Grand Prix Formula 1 race. He claimed that he wants to see MATIC turn $0.95 into a support level, which will open the way up to $1.30-1.50. However, he also warned that if MATIC fails to exceed $0.95, it will activate the short position and look for long entries at $0.75.
Request 02 – $MATIC
Doing well as there was the announcement on the NFT during GP Monaco F1.
I really want to see it flip $0.95, then we can accelerate towards $1.30-1.50.
If that's not the case, then short is activated and longs can be taken at $0.75. pic.twitter.com/6E34TePnkd
— Michaël van de Poppe (@CryptoMichNL) May 27, 2023
Arbitrum (ARB)
For ARB, he said that the coin retested the resistance it had to break and flip at $1.18 to continue its uptrend. He stated that if ARB pulls back from resistance, it will seek entry at $1.10. However, he also stated that if there is a drop below $1.18, he will think in favor of the bear. He argued that if $1.18 holds, there could be a rally to $1.30.
Request 03 – $ARB
Again, into resistance.
This means, entries are available at $1.10.
If it doesn't clearly break & flip the resistance at $1.18, I'd assume shorts are triggered when falling back sub $1.18.
Otherwise, long continuation trade towards $1.30. pic.twitter.com/l4PmqkyxrZ
— Michaël van de Poppe (@CryptoMichNL) May 28, 2023
*Not investment advice.
