Analyzing Altcoins: MATIC and LTC as of July 11, 2023

MATIC has been on an upward trajectory for a whole month now, seeing a 40% price increase since June 10. Currently, the asset is nearing a significant support zone ranging from $0.755 to $0.788, which is expected to provoke some seller reaction. If this area fails to stand firm, the next batch of sell orders could emerge within the $0.830 and $0.846-$0.885 zones.

The asset's growth has been consistent, marked by a series of corrections accompanying the main movement. If a short-term decline occurs, buyers might become more active in the $0.682-$0.706 and $0.626-$0.660 support zones. As of now, the possibility of testing the $0.572-$0.600 zone and hitting lows below the psychological level of $0.5 seems relatively unlikely.

After reaching a yearly high of $114.8, the LTC price has undergone a correction. Currently, the asset is trading near a support zone of $86-$92. Buyer orders are positioned below at $81.61 and within the range of $74-$79.4.

Considering the upcoming halving event scheduled for July 24, a bullish scenario for LTC remains the top priority. For further upward momentum, buyers will need to overcome the resistance zones at $98.7-$102 and the range of $107-$115. However, this analysis pertains mainly to the short-term outlook within the next two weeks.

It's worth noting that in practice, assets tend to react most strongly to positive news BEFORE its actual implementation, followed by a subsequent wave of sell-offs. The same principle could potentially apply to Litecoin after the halving event.

BTC's market situation has remained unchanged since yesterday's analysis.

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Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from Gagarin News: