Popular currencies such as Bitcoin (BTC) and Ethereum (ETH) had an unfavorable past week, but some altcoins show potential. Polygon (MATIC), which is ranked eleventh by market capitalization at the moment, took the lead position this week, with Litecoin (LTC) ranking second place as a weekly gainer.
According to the statistics from CoinMarketcap, Polygon (MATIC) rose approximately 30.12% in the last seven days, whereas Litecoin (LTC), the 19th-ranked coin by market cap, increased about 27.10% in the same time period.
Over the previous few days, MATIC has been showing signs of bullishness. The token’s value quickly grew, surpassing the $1 mark on November 4th and continuing to trade above it.
It overcame its next resistance level at the conclusion of the previous week and set a new weekly high of $1.28 on November 5th, after 24 weeks, when this high was last reported (around six months before.)But unfortunately, it couldn’t hold it and fell again below the $1.20 mark.
Per CoinMarketcap’s data, MATIC is currently trading at $1.19, barely near the next resistance level of $1.20. Its price gain is about 5.10% in the last 24 hours.
Additionally, in only 24 hours, its market value went up by 4.3% to 10.73 billion, and its 24-hour trading volume significantly increased by around 53.53% to 2.41 billion. If the upward trend for the coin continues, it may hit substantial gains.
Litecoin(LTC): The Second Weekly Gainer
The price of LTC spiked as trading activity for the coin increased in reaction to last week’s announcement that MoneyGram will start accepting Litecoin from its users on Wednesday. LTC increased by more than 10% to a little over $61 within an hour of the news being made public.
The price, which had previously been stuck between $50 and $60, has suddenly started to rise. On November 5th, it surpassed its crucial resistance level of $70, reaching a day high of $71 but ending the day at $69.
LTC is now trading at $70.77, which was last seen in May, around six months ago. According to the data, its price gain was about 2.22% in the last 24 hours, with a 2.31% rise in its market cap.
For Litecoin (LTC), this is the most critical resistance level because if it crosses it, a major rally will occur toward the $120 range. In order to accomplish this goal, Litecoin needs to break up and through this level before consolidating for some time.
Bitcoin & Ethereum Price Analysis
Overall, cryptocurrencies had a dump at the beginning of the previous week and began to decline. The top two cryptocurrencies, Bitcoin and Ethereum, have been trading in the red the whole week.
Both coins flipped green on Friday and saw 24-hour gains of around 3% and 6.3%, respectively. On that day, the significant resistance levels for both of them are broken; Bitcoin reaches the $21,000 mark, while ETH crosses the $1600 mark.
Nevertheless, as per CoinMarketcap, today’s steep decline by 2.36% in the price of Bitcoin caused it to go below a crucial support level of $21,000. Similarly, Ethereum also dropped more than 3.09% to $1,566 to finish a 61.8% Fibonacci correction.
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