Here’s What’s Next for Ethereum, Polygon and One Altcoin That Erupted 232% in a Week, According to Popular Analyst
A closely followed crypto strategist is outlining what’s in store for a trio of altcoins including Ethereum (ETH) and Polygon (MATIC).
Popular crypto analyst Rekt tells his 329,200 Twitter followers that Ethereum is likely poised for extended rallies as long as it stays above support at $1,448.
“ETH retest is successful thus far following a picture-perfect dip and rebound from the black trendline.
As long as ETH continues to maintain these highs, it should be able to confirm the breakout and challenge the ~$1,700-$1,880 highs (orange).”
At time of writing, ETH is changing hands for $1,555, down 3.29% in the last 24 hours.
Next up is blockchain scaling solution Polygon. According to Rekt, he expects MATIC to witness a brief corrective period after exploding by over 50% last week.
“MATIC rallied to the black $1.32 level, rallying +54% since breakout.
A weekly close above blue could set MATIC up for a short-term dip into blue for a retest attempt.
If the retest there is successful, MATIC would revisit the black highs once again.”
Looking at the analyst’s chart, Rekt appears to be predicting a dip toward the $1.07 level for MATIC before it can resume its next leg up to around $1.32.
At time of writing, MATIC is trading at $1.17, flat on the day.
Another coin on the trader’s radar is Band Protocol (BAND), a network that aims to link smart contracts with real-world data. According to Rekt, BAND’s meteoric rally of around 232% last week could be negated if the altcoin fails to convert resistance at $2.70 into support.
“Chances of trend continuation to the upside are getting slimmer if BAND stays below the confluent resistance (red box and black lower low).
Needs to reclaim this area into support to move higher.
Otherwise, a drop into the $1.80 could be next.”
At time of writing, BAND is valued at $2.53, a 9.41% decrease on the day.
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Featured Image: Shutterstock/DomCritelli/Natalia Siiatovskaia