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.
Says Kaleo,
“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.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The post Analyst Predicts One Ethereum-Based Altcoin Will Outperform Bitcoin (BTC) and Binance Coin (BNB) appeared first on The Daily Hodl.