A preferred crypto analyst thinks one Ethereum (ETH)-based altcoin is more likely to outperform each Bitcoin (BTC) and Binance Coin (BNB).
The pseudonymous dealer often known as Kaleo tells his 536,400 Twitter followers that Ethereum scaling resolution Polygon (MATIC) might be primed for a breakout in opposition to BTC.
“MATIC is one straightforward alt that ought to nonetheless have fairly a little bit of upside. Let’s begin by trying on the BTC pair and zooming out. The predominate construction is a HTF [High Time Frame] flag courting again to Could of ’21 that appears prepared for an additional leg larger.”
Kaleo says he expects MATIC to retrace barely in opposition to BTC earlier than breaking out.
“A transfer to ATH [all-time high]/worth discovery feels seemingly.”
The analyst thinks MATIC can be forming an analogous construction in opposition to BNB.
Says Kaleo,
“MATIC is at present solely the Eleventh largest cryptocurrency by market cap. A easy 2x would solely barely place it above ADA on the listing, and nonetheless wouldn’t end in a brand new ATH for the MATIC/USD worth.
I’m extraordinarily bullish BTC right here. With the MATIC/BTC pair trying as bullish because it does, it wouldn’t shock me if it’s one of many few initiatives that really has an opportunity of creating it again anyplace near its bull market ATH outpacing BTC.”
The analyst says any MATIC worth underneath $1 “feels fairly low-cost.”
MATIC is buying and selling at $0.933509 at time of writing. The Eleventh-ranked crypto asset by market cap is up greater than 1% previously 24 hours.
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