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A popular cryptocurrency analyst believes that Ethereum (ETH)-based altcoins are likely to outperform both Bitcoin (BTC) and Binance Coin (BNB).
A pseudonymous trader known as Kaleo To tell His 536,400 Twitter followers say that Ethereum scaling solution Polygon (MATIC) could be poised for a breakout against BTC.
MATIC is one of the easier alternatives that should still have a considerable advantage. Lets start by looking at BTC pairs and zooming out. The dominant structure is HTF. [High Time Frame] Dating back to May 21, the flag looks poised to take another notch higher. “
Kaleo To tell He expects MATIC to retrace slightly against BTC before breaking out.
“Transfer to ATH [all-time high]/ I feel that the probability of price discovery is high. “
Analysts believe MATIC is also forming a similar structure to BNB.
To tell Kaleo,
MATIC is currently the 11th largest cryptocurrency by market capitalization. A simple 2x would barely place it above ADA on the list and would not be the new ATH for the MATIC/USD price.
I am very bullish BTC here. With the MATIC/BTC pair looking bullish, I wouldn’t be surprised if ATH is one of the few projects that could return to a bull market above his BTC. “
Analysts say the sub-$1 MATIC price “feels pretty cheap.”
At the time of writing, MATIC is trading at $0.933509. The 11th largest crypto asset by market capitalization is up more than 1% in the last 24 hours.
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