Polygon (MATIC) and Loopring (LRC) Technical Analysis: What to Expect?

Polygon and Loopring prices posted substantial gains over the weekend. MATIC/USDT is firm above $1 while LRC/USDT is bottoming up, rocketing from $0.19.

Polygon (MATIC)

The platform helps scale Ethereum besides providing infrastructure, allowing projects to launch. MATIC is the project’s native currency.

Past Performance of MATIC

Polygon prices are relatively stable and trending above $1, near the coin’s all-time highs.

MATIC is moving inside a descending wedge at the time of writing, rebounding from $1—a psychological support line.

Meanwhile, losses are not as profound as in other assets, perhaps highlighting the quality of the scaling platform.

MATIC is up roughly three percent against the USD on the last trading day.

Day-Ahead and what to Expect

MATIC prices found support at $1—a psychological level.

Since losses are not deep and prices are flat-lining, MATIC may print higher, above the middle BB and $1.5 in a buy trend continuation pattern.

In that case, MATIC may further surge beyond H1 2021 highs.

MATIC/USDT Technical Analysis

The coin’s immediate resistance is the middle BB and $1.5.

A breakout would be complete if MATIC/USDT prices close above $1.3, rewinding June 21 and 25 losses.

In that case, MATIC may rally to $2.5 in a buy trend continuation pattern.

Leaning on caution, MATIC may disintegrate if prices sink below $1. This will open up the coin to a correction towards $0.70.

Loopring (LRC)

The protocol combines the attractive features of CEXes, blending them in a Layer-2 to be one of the cheapest and most scalable DEXes riding on Ethereum’s security. LRC is the platform’s token.

Past Performance of LRC

LRC/USDT prices are bottoming up, reading from development in the daily chart.

At the time of writing, LRC prices are up roughly two percent, building on the conspicuous high volume bar of June 27.

Technically, buyers are in control, unwinding losses of the better part of June.

Day-Ahead and what to Expect

LRC prices may edge higher, confirming gains of June 27.

Already, LRC/USDT is above the middle BB—a key resistance line—on rising trading volumes, weeks after bears wiped over 80 percent of H1 2021 gains.

LRC/USDT Technical Analysis

There is a bullish engulfing bar in the daily chart.

The follow-through on June 28 confirms demand.

Accordingly, risk-on LRC/USDT traders may find buying opportunities, aiming at $0.43 in the medium term.

Corrections below $0.19 or June 27 lows disqualify buyers, shifting back the trend in favor of bears.