A well-liked crypto analyst thinks one Ethereum (ETH)-based altcoin is prone 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) 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 trying 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 one more leg greater.”
Kaleo says he expects MATIC to retrace barely towards BTC earlier than breaking out.
“A transfer to ATH [all-time high]/value discovery feels probably.”
The analyst thinks MATIC can also be forming the same construction towards BNB.
“MATIC is at present 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 lead to a brand new ATH for the MATIC/USD value.
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 tasks that really has an opportunity of creating it again wherever near its bull market ATH outpacing BTC.”
The analyst says any MATIC value 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% up to now 24 hours.