An analyst who called the end of the Bitcoin (BTC) bull market last year predicts surges for the Polygon (MATIC) blockchain scaling solution and the Avalanche (AVAX) smart contract protocol.
Pseudonymous analyst Pentoshi tells his 671,300 Twitter followers that MATIC looks bullish and may be setting up for a rally towards a major resistance area.
“This, the most important and historic place on the chart, is $1.30. Think it’s a great place to focus on the next big move. If you can close three days [chart]+ above that, we move to the previous range. Reject and return to the local minima shown.
At the time of writing, MATIC is changing hands for $1.14, fixed on the day.
Next up is Ethereum (ETH) competitor AVAX. According to the crypto strategist, Avalanche aspect poised for a 36% rise as the coin is now trading above $20.
“So Amazon comes to crypto, partners with AVAX, and then announces an NFT [non-fungible token] initiative, (but not confirmed if with Avax). They are making moves. I think this can cost $28 in the next month or so.”
Earlier this month, Amazon reportedly United with AVAX developer Ava Labs in an effort to accelerate blockchain adoption across multiple industries.
Pentoshi is also keeping an eye on Ethereum, which he says appears to be preparing for a rally in its Bitcoin (ETH/BTC) pair.
“I think ETH/BTC will ease up a bit soon.”
Looking at the Pentoshi chart, it appears that it is predicting a rise to around 0.072 BTC ($1,677) for ETH/BTC. At the time of writing, the pair is changing hands for 0.068934 BTC ($1,605).
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