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 called Kaleo tells his 536,400 Twitter followers that Ethereum scaling answer Polygon (MATIC) may very well be primed for a breakout towards BTC.
“MATIC is one straightforward alt that ought to nonetheless have fairly a little bit of upside. Let’s begin by wanting on the BTC pair and zooming out. The predominate construction is a HTF [High Time Frame] flag courting again to Might of ’21 that appears prepared for an additional leg greater.”
Kaleo says he expects MATIC to retrace barely towards BTC earlier than breaking out.
“A transfer to ATH [all-time high]/worth discovery feels possible.”
The analyst thinks MATIC can also be forming an analogous construction towards BNB.
Says Kaleo,
“MATIC is presently solely the Eleventh largest cryptocurrency by market cap. A easy 2x would solely barely place it above ADA on the checklist, 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 wanting as bullish because it does, it wouldn’t shock me if it’s one of many few initiatives that truly has an opportunity of creating it again anyplace near its bull market ATH outpacing BTC.”
The analyst says any MATIC worth beneath $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% up to now 24 hours.
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