Litecoin and Fantom coins are two cryptocurrencies that are similar to some degree, but also quite different. Polygon is a Layer 2 scaling solution built on the Ethereum network, while Fantom is its own blockchain network and is a DeFi (decentralized finance) coin as well. They have been behaving differently obviously, but right now both are testing some support/resistance levels, so let’s have a look at them.

Fantom Daily Chart Analysis – Will the Support Hold?

Fantom is one of the leading DeFi projets. It is a decentralized, open-source and permissionless, smart contract platform for dApps (decentralized applications) and digital assets. Fantom coin FTM has performed exceptionally well since late July, increasing from around $0.15 to $2.55, which means a 1,700% increase.

The increase so far has come in two wave, the first one during August, which took the price from the lows to $2, and the second one earlier this month, as FTM/USD surged from around $1 to almost $2.55. The first bullish wave came as a result of the sentiment in the crypto market turning quite bullish in August, while the second wave came as the other leading DeFi project, yearn.finance announced its multi-chain expansion, incorporating Fantom blockchain’s growing DeFi ecosystem. Around the same time, Nansen which is a known data analytics provider, announced its support for Fantom.

Although, the price has been retreating lower for the past week, although the previous high below $2 has now turned into support for FTM/USD. Today we saw the price pierce that level, but it has pulled back up now and it is trading above that level. So, there’s a chance that we might see a bounce from here. Otherwise, if this support zone gets broken, the price might continue down to MAs.

Polygon Daily Chart Analysis – Matic Jumps on Exchange Listing

Polygon Matic jumps above the 50 daily SMA 

The price action in polygon has been boring, as it followed the crypto market until recently, when things got interesting here, as Bitcoin peaked just above $60,000 today. MATIC was missing the rally of the recent days in cryptocurrencies, and the price action was getting really slow.

But, the situation changed and we saw a big jump today. the 200 SMA (purple) was acting as support on the daily chart for MATIC/USD, while the jump came after the Korean cryptocurrency exchange Upbit announced that it had listed MATIC coin for buying/trading. The price surged from around $1.23 to $1.63, but stopped there and is retreating lower now. So, all of a sudden Polygon has become interesting, but we missed the jump. Although, we are long on FTM/BTC.