Top Crypto Trader Says One Ethereum-Based Altcoin Primed for Reversal, Updates Outlook on Bitcoin
A crypto strategist who continues to build a following with timely altcoin calls believes that one token based on Ethereum (ETH) is likely poised for a reversal.
Pseudonymous crypto analyst Kaleo tells his 566,000 Twitter followers that blockchain scaling solution Polygon (MATIC) could be gearing up for a burst to the upside.
“After a nice ~20% drop from a couple of weeks ago, MATIC looks primed for a reversal.”
Based on the trader’s chart, it appears that he thinks MATIC is likely due for one more leg down below $1 before reversing its trend and rallying all the way up to around $1.70.
Looking at the lower timeframes, Kaleo thinks that MATIC is likely setting up to take out its diagonal resistance.
“Diagonal breaks have led to major impulse moves for each leg higher throughout this uptrend.”
At time of writing, MATIC is worth $1.13.
The crypto strategist is also updating his outlook on Bitcoin (BTC), believing that the king crypto could be consolidating in preparation for a parabolic surge in the coming months.
“This is your daily reminder $40,000 is still a magnet.”
A closer look at the analyst’s chart shows that he thinks Bitcoin could rally to as high as $45,000 in May before setting up a bull trap and correcting all the way down to around $37,000.
At time of writing, BTC is trading for $22,202, suggesting an upside potential of over 100% for Bitcoin should it reach Kaleo’s target.
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This article was originally reported on The Daily Hodl.