Price outlook for LTC, ARB, and MATIC amid tentative US debt limit deal

  • The bulls of Litecoin (LTC) need to surpass $93, which is a major obstacle just below the psychological level of $100.
  • Polygon (MATIC) must regain $1 to aim for the range of $1.30-$1.50, or it risks a dip to $0.75.
  • Meanwhile, Arbitrum (ARB) is approaching a crucial resistance level as the price jumps 3.9% in response to the news of the US debt ceiling.

After a week of high uncertainty, the US has reached a “tentative deal” on its debt limit crisis. With the news of the deal spreading through the markets, cryptocurrencies have reacted slightly positively as the prices of Bitcoin and Ethereum have risen above $27k and $1.8k, respectively.

The positive sentiment has also been visible across the top 10 altcoin market, with Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC) moving up. However, the markets remain largely weak as May draws to a close.

A respected crypto analyst has predicted the following for LTC, ARB, and MATIC:

Litecoin price prediction: $93 is crucial for LTC bulls

In March, Charlie Lee, the creator of LTC, made a huge Litecoin price prediction. Referring to the 14th-ranked cryptocurrency (by market cap today), Lee stated that the Litecoin price could rise to 0.0125 BTC in a new bull cycle. He also believed that a downside for LTC could find support at 0.0025 BTC.

The current LTC price is above this latter level as it trades near $89.40 or 0.0032 against Bitcoin. In recent weeks, analysts have pointed to Litecoin’s upcoming halving as a likely trigger for fresh upside momentum.

According to crypto analyst Michael van de Poppe, the bulls need to surpass a key resistance at $93 on the higher timeframe. The psychological level of $100 would then be in sight as buyers eye a halving rally.

“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.”

Polygon price prediction: MATIC needs to break above $1 again

MATIC has been trading lower since March, with an attempted flip higher resulting in rejection in April as the price fell below $1.00. Although it remains below the dollar, the bulls might have the upper hand if they regain control above $0.95.

Currently, MATIC/USD is around $0.92. According to van de Poppe, MATIC has bounced well above this key area since its NFT announcement during the F1 Monaco GP. Can the bulls build momentum from here?

“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,” the analyst said in reply to one of the requests for altcoin analysis.

Arbitrum price prediction: ARB is near key resistance

At the time of writing, Arbitrum was trading at $1.20 and up 3.9% in the past 24 hours. It needs to stay above the $1.18 level to give the bulls an upside boost. That could aid momentum to $1.30, as noted by van de Poppe.

“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.”