MATIC short-term outlook forecast vs. BTC and ETH
Analyst Benjamin Cowen examines the future prospects of the Ethereum scaling solution Polygon, with MATIC’s native token trending upward in recent months.
In one Strategy meeting Cowen is now comparing the Layer 2 protocol with the two top cryptocurrencies Bitcoin and ETH and evaluating how this Altcoin could rise in the future.
Cowen noted that while MATIC has been doing well against the US dollar lately, the upward move against BTC should also be noted.
“To really achieve a sustainable breakout, Bitcoin should go back over the support band of the bull market. That would be the best scenario for MATIC.
Currently, Bitcoin is still below that level and MATIC is still rising, so why not go above it?
But for the best market conditions, Bitcoin needs to hit the $ 53,000 mark again. This means that MATIC is optimally positioned. ”
Source: Benjamin Cowen
At the time of writing, Bitcoin is trading at $ 48,110.
As for the MATIC / ETH trading pair, Cowen believes it is the ultimate measure of the altcoin’s strength.
“As we all know, the real test now is what it does against ETH? Is it discounted? Not really.
The trend is pretty good here. You can see it has started rising again lately …
It looks like it will hold support at 0.00036916 ETH, or around $ 1.62. MATIC / ETH is again above the support band for the bull market and is also approaching the previous ATH.
To get there, with the ETH price unchanged, the pair must gain another 61% or 62%. That would really bring MATIC’s valuation above $ 3.50 or higher.
Source: Benjamin Cowen
ETH is currently down 6% to $ 4,086 in the past 24 hours.
At the end of the video analysis, Cowen concludes that he likes the overall prospect of MATIC.
“I think it’s a good project and will likely continue its uptrend throughout the cycle and possibly move up in current market cap.”
However, any rejection of bitcoin would be bad news for altcoins in general.
“It looks like it’s breaking out against Bitcoin and ETH after holding support for a while.
As with all altcoins, the main downside risk is that Bitcoin will be rejected if one tries to break a support band for the bull market.
If that happens and BTC continues to fall, there is a high probability that most of the altcoins will fall against the US dollar, Bitcoin and even ETH. ”
MATIC is currently trading at $ 2.10 at press time, down nearly 9% for the day and 2% for the week after hitting a weekly low of $ 1.57 in December.
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