A popular cryptocurrency analyst pointed out an Ethereum (ETH)-based altcoin project. He thinks this project will outperform both Bitcoin (BTC) and Binance Coin (BNB). Here are the details…
Kaleo highlights popular altcoin MATIC: An easy alternative
The analyst, known as Kaleo, posted his new comments to his 536,400 Twitter followers. cryptocoin.com Kaleo, a whale, drew attention to Polygon (MATIC), as we also reported. He says that Ethereum scaling solution Polygon (MATIC) can be prepared for a breakout against BTC. The analyst uses the following statements:
MATIC is still an easy alternative that should do a little better. Let’s start by looking at the BTC pair and expanding the timeframe. The dominant pattern is an HTF [Wide Time Frame] pennant that runs until May 21. It looks ready to go higher with another breakout.
Analyst: This is one of the coins that will make a comeback in the bull market
Kaleo said he expects MATIC to pull back a bit against BTC before it explodes. She says it’s likely to move into price discovery before its all-time high. The analyst thinks that MATIC has formed a similar structure against BNB. The analyst points out that MATIC is currently the 11th largest cryptocurrency by market cap. Simply making 2x its price puts MATIC above Cardano (ADA) on the list. It still does not result in a new ATH for the MATIC/USD price. The analyst uses the following statements:
I am extremely optimistic about BTC here. While the MATIC/BTC pair is as bullish as it is, it wouldn’t surprise me if it’s one of the few projects that has a chance to bounce back anywhere near its ATH in the bull market, outpacing BTC.”
Latest status on MATIC price
The analyst says the MATIC “looks cheap” at any price point below $1. At the time of writing, MATIC is changing hands at $0.92, up 3.2 percent. The cryptocurrency managed to rise as high as $ 0.96 with the rise in the general market in the last 24 hours. The cryptocurrency has gained 9.8 percent in the last 7 days and 18.5 percent in the last 14 days. However, the coin has seen a 46.7% drop in the past year. MATIC recorded its latest all-time high on December 27, 2021. At that time, the cryptocurrency was trading at $2.92. Since then, it has dropped close to 70 percent.
