Polygon jumped to a five-week high on Thursday, as founders of the token proposed an upgrade that will create a new coin, POL. If approved, MATIC will be replaced with the new token that will function on all Polygon networks. Litecoin also rallied, hitting a one-month high.
Polygon (MATIC)
Polygon (MATIC) jumped to a multi-week high on Thursday, as traders reacted to the news that some of the project’s founders have proposed replacing the network’s MATIC token.
If successful, POL will be the new official token of Polygon, and this news has been boosting the price of MATIC/USD to a peak of $0.7668 today.
As a result of this, MATIC moved to its highest point since June 9, when price reached a high at $0.7890.
Looking at the chart, the surge in price came after the relative strength index (RSI) broke out of a ceiling at 60.00.
At the time of writing, the index is tracking at 62.34, with the next visible point of resistance at the 70.00 level.
In the event this ceiling is hit, MATIC will likely be trading above $0.8000.
Litecoin (LTC)
Litecoin (LTC) also surged higher in today’s session, as traders pushed price above the $100.00 mark.
Following a low of $94.79 on Wednesday, LTC/USD raced to an intraday peak at $101.45 earlier in the day.
Overall, this is the strongest level the token has hit since last Thursday, when it peaked at $105.95.
The jump comes after bulls rebounded following a breakout below a support point at $95.00, with the RSI hitting a floor of its own at 53.00.
Currently, price strength is at a reading of 57.88, with LTC continuing to record higher highs as the day progresses.
A ceiling of $102.00 is now the obvious target, and should the price push past this point, there is a good chance LTC hits $105.00 in the coming days.
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