Crypto Analyst Pentoshi: All-Time High Coming Soon For Polygon (MATIC)
According to a popular cryptocurrency analyst and trader known as Pentoshi, Polygon (MATIC) is building momentum with lows, and looks break all-time high soon, as Ethereum (ETH) looks very strong against Bitcoin (BTC) on the long run.
Polygon (MATIC)
Pentoshi shared with his 377K followers on Twitter that looking into MATIC chart, the native token for Ethereum-scaling solution looks ready for new all-time high.
“Not sure if this has any good FA (fundamental analysis) coming but looks that way. Charts look telling.
IMO (in my opinion), new all-time highs coming soon. HL’s (higher lows) and momentum building.
Looking at the analyst’s chart, it seems that MATIC has just risen above a key accumulation range around $1.50, next target would be at $2.20 and past that into ATH.
Polygon is self-described as a Layer 2 scaling solution, which means that the project doesn’t seek to upgrade its current basic blockchain layer any time soon. The project focuses on reducing the complexity of scalability and instant blockchain transactions.
According to report from the blockchain development platform Alchemy found that “projects that have integrated Polygon, 62 percent of such projects only run on top of Polygon, compared with 38 percent built on both Ethereum and Polygon.”
Ethereum (ETH)
Pentoshi also looks into Ethereum/Bitcoin pair on a monthly level, and believes that ETH keep outperforming BTC going forward.
“ETH/BTC look at this monthly level 7 Month breakout. Remember it starts on lower time frames and leads to larger. Next is weekly in 3.5 hours. This is what I’m using with the prev ath 1W and 3D support. Clear as day here and why it’s all so crucial with confluence on the macro.”
