A popular crypto analyst thinks one Ethereum (ETH)-based altcoin is likely to outperform both Bitcoin (BTC) and Binance Coin (BNB).
The pseudonymous trader known as Kaleo tells his 536,400 Twitter followers that Ethereum scaling solution Polygon (MATIC) could be primed for a breakout against BTC.
“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.”
Kaleo says he expects MATIC to retrace slightly against BTC before breaking out.
“A move to ATH [all-time high]/price discovery feels likely.”
The analyst thinks MATIC is also forming a similar structure against BNB.
“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.
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.”
The analyst says any MATIC price under $1 “feels pretty cheap.”
MATIC is trading at $0.933509 at time of writing. The 11th-ranked crypto asset by market cap is up more than 1% in the past 24 hours.
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