A Crypto Analyst Says Polygon is Likely to Outperform Both Bitcoin and Binance Coin
A Crypto Analyst Says Polygon is Likely to Outperform Both Bitcoin and Binance Coin.
Bitcoin (BTC) and Binance Coin (BNB) are likely to be surpassed by one Ethereum-based altcoin, according to a popular crypto analyst.
Predicting Polygon According to Crypto Analyst K
Kaleo, a pseudonymous trader, informs his 536,400 Twitter followers that Polygon (MATIC) could break out against BTC in the near future.
“MATIC is one easy alt that should still have quite a bit of upside. Let’s start by looking at the BTC pair and zooming out. The predominate structure is a HTF [High Time Frame] flag dating back to May of ’21 that looks ready for another leg higher,” he said.
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It is likely that MATIC will retrace slightly before breaking out against BTC, according to Kaleo. “A move to ATH [all-time high]/price discovery feels likely,” he explained.
MATIC also appears to be forming a similar structure against BNB, according to the analyst.
“MATIC is currently only the 11th largest cryptocurrency by market cap. A simple 2x would only barely place it above ADA on the list, and still wouldn’t result in a new ATH for the MATIC/USD price,” said the analyst.
“I’m extremely bullish BTC here. With the MATIC/BTC pair looking as bullish as it does, it wouldn’t surprise me if it’s one of the few projects that actually has a chance of making it back anywhere close to its bull market ATH outpacing BTC,” he added.
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Any MATIC price below $1 “feels pretty cheap,” according to the analyst. At the time of writing, MATIC price is valued at $0.925 according to CoinMarketCap.
“ngl man kind of missed charting shitcoins. gotta remind the new generation of degens what kaleo szn really is. also the lack of engagement makes me more bullish on a mini alt szn when these threads start getting thousands of likes again it’ll probably be time to stop,” he said.
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