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The cryptocurrency market started October with a rise, and although the price of Bitcoin (BTC) surpassed the $28,000 level, the profit-taking of large and long-term investors in the month known as ‘Uptober’ caused a stagnation in the market. Despite temporarily halting the ‘Uptober’ trend, every dip is seen as a buying opportunity. With the expectation of this buying opportunity, the purchases triggered the rise of many altcoins, and it is expected that Litecoin (LTC), Solana (SOL), and Polygon (MATIC) will make significant gains in the coming weeks.
Litecoin (LTC) Price Analysis
Litecoin’s LTC price is trying to break the resistance zone to trigger a new uptrend, but sellers are making moves to prevent the price from moving upwards.
If the bulls manage to break the resistance zone around $68-70, the next target will be to surpass the $85 resistance. This could mark the beginning of a new uptrend and potentially push LTC’s price above $100 in a few days.
In a bearish scenario, the price may fall to the EMA lines and below the support zone. Such a scenario would indicate that bulls are taking profits, which could lead to a test of the $58 support level for LTC.
Solana (SOL) Price Analysis
SOL’s price is attempting to surpass the $25 level, but the long-tailed candlestick on the chart continues to act as a barrier to the uptrend. It is possible for Solana’s SOL to rise this week and break the neckline. If this happens, the price could climb towards $27 and potentially reach the $32 target.
The critical support level to watch on the downside is the 50-day EMA around $22. If SOL’s price falls below this level, it would indicate a weakening of the bullish momentum. This could potentially open the way for a drop to $20.
Polygon (MATIC) Price Analysis
Bulls are preparing for an upward move in the price of Polygon’s native asset, MATIC, but sellers are strengthening the resistance. If bulls succeed in continuing the uptrend and pushing the price beyond the $0.6 resistance, it could be expected to reach the $0.7 level.
On the other hand, if MATIC’s price falls below the 100-day EMA ($0.54), it would confirm a downtrend on higher timeframes. In such a scenario, MATIC may revisit its vital support at $0.49.
