One crypto strategist who continues to amass a following with timely altcoin calls believes that an Ethereum (ETH)-based token is likely ripe for a reversal.
Pseudonymous crypto analyst Kaleo tells his 566,000 Twitter followers that blockchain scaling solution Polygon (MATIC) could be setting up for an upward burst.
“After a nice ~20% drop from a couple of weeks ago, MATIC seems poised for a reversal.”
Based on the trader’s chart, it appears that he believes that MATIC is likely to drop one more leg below $1 before reversing trend and rally as high as around $1.70.
Looking at the lower time frames, Kaleo believes that MATIC is likely setting itself up to remove its diagonal resistance.
“Diagonal breakouts have led to significant momentum moves for each leg higher throughout this uptrend.”
At the time of writing, MATIC is worth $1.13.
The crypto strategist is also updating his outlook on Bitcoin (BTC), believing that the king of cryptocurrencies may be consolidating in preparation for a parabolic rise 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 believes Bitcoin could rally as high as $45,000 in May before setting a bull trap and correcting to around $37,000.
At the time of writing, BTC is trading at $22,202, suggesting more than 100% upside potential for Bitcoin if it hits the Kaleo target.
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