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A noted crypto strategist outlines the future of three altcoins, including Ethereum (ETH) and Polygon (MATIC).
Popular cryptocurrency analyst Rekt has told his 329,200 Twitter followers that Ethereum is likely poised for a prolonged rally as long as it remains above the $1,448 support.
ETHs retest has been successful so far following a picture-perfect fall and rebound from the black trendline.
As long as ETH continues to hold these highs, we should be able to see a breakout and challenge the $1,700-$1,880 highs (orange).
At the time of writing, ETH is trading at $1,555, down 3.29% over the past 24 hours.
Next up is Polygon, a blockchain scaling solution. According to Rekt, he expects to witness a short adjustment period after his MATIC exploded over 50% last week.
MATIC climbed to a profitable level of $1.32, up +54% since the breakout.
If the weekly close breaks above blue, MATIC may dip to blue in the short term and attempt a retest.
If the retest there is successful, MATIC will hit new highs again.
Looking at the analyst’s chart, Rekt seems to expect MATIC to drop to the $1.07 level before restarting the next leg near $1.32.
At the time of writing, MATIC is trading at $1.17, flat for the day.
Another coin on the radar of traders is the Band Protocol (BAND), a network aimed at linking smart contracts to real-world data. According to Rekt, BAND’s surge of around 232% last week could be reversed if altcoins fail to convert the $2.70 resistance into support.
If the BAND is below the confluent resistance (the red box and the black lower low), the upward trend is unlikely to continue.
To move to a higher position, this area should be reused for support.
If not, a fall to $1.80 is possible next.
At the time of writing, BAND is valued at $2.53, down 9.41% on the day.
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Featured Image: Shutterstock/DomCritelli/Natalia Siiatovskaia
