MATIC Price Poised For Massive Upswing, Analyst Map Crucial Entry & Exit Levels
After an extended period of weak momentum, Bitcoin has begun its upward movement. Following in its step, altcoins like Ethereum, Cardano, Solana, XRP, and BNB, among others, surged as well. However, not all assets are experiencing such positive price increases; a few are yet to claim their bull run. A prominent name out of the list is Polygon (MATIC), which is still stuck in the red zone and continues to lose out on gains.
At the time of writing, Polygon (MATIC) is selling at $0.936 after a fall of 0.82% over the last 24hrs.
However, a closely followed crypto analyst, known as Kaleo, is of the opinion that Polygon (MATIC) which is an Ethereum-based currency, will surpass Bitcoin and Binance Coin (BNB) soon.
MATIC To Outperform Bitcoin?
Kaleo informs his 536,400 Twitter followers that Polygon (MATIC) is about to surge against the King currency. He makes note of May 2021’s High Time Frame (HTF) flag and claims MATIC is up for another upward movement.
$MATIC / $BTC— K A L E O (@CryptoKaleo) October 25, 2022
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 flag dating back to May of '21 that looks ready for another leg higher. pic.twitter.com/1Zv2BXoCJu
He also expects MATIC to retrace some more before moving towards marking a new all-time high.
Zooming in, the MATIC / BTC pair is currently at HTF resistance and I'm expecting a small retrace before breaking out / continuing higher.— K A L E O (@CryptoKaleo) October 25, 2022
A move to ATH / price discovery feels likely. pic.twitter.com/7zIayTDRBV
Furthermore, the analyst suggests that MATIC is set to create a similar pattern against BNB, just like Bitcoin.
Let's take a look at $MATIC vs another blue chip L1, $BNB.— K A L E O (@CryptoKaleo) October 25, 2022
Incredibly similar HTF structure – which I expect to have a similar resolution. pic.twitter.com/a6vL8nfj8P
Before Kaleo wraps up his analysis, he says that the MATIC/BTC pair is exceptionally bullish and once MATIC enters the bull market, it will easily surge to achieve new heights. He added that, at the price of $1, MATIC is very cheap, and this is the perfect opportunity for market participants to ‘buy the dip’.
$MATIC is currently only the 11th largest cryptocurrency by market cap.— K A L E O (@CryptoKaleo) October 25, 2022
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. pic.twitter.com/7HkgLmJiWq
$MATIC also has the fundamental narrative of being the chain of choice for the Reddit NFT degens, which have absolutely exploded in popularity recently.— K A L E O (@CryptoKaleo) October 25, 2022
All this being said, I'm a fan of looking for entries where the TA & FA align, and MATIC under $1.00 feels pretty cheap.