A closely-followed trader and analyst known in the industry as Smart Contracter says one altcoin that is just shy of the top 50 projects by market cap appears primed to erupt.
The trader is sharing a chart with his 113,300 Twitter followers that indicates Polygon (MATIC) could shoot up to the $0.48/0.49 price range in the short term. MATIC is trading at around $0.39 at time of writing, according to CoinGecko.
“Bull flag inside of a larger bull flag breakout for Matic. Send it.”
Polygon, formerly Matic Network, is a layer-2 scaling solution now billed as “Ethereum’s Internet of Blockchains.” The project aims to serve as a “protocol and a framework for building and connecting Ethereum-compatible blockchain networks,” according to the project’s website.
Data from CoinGecko shows MATIC, the 55th-ranked asset by market cap, has skyrocketed more than 250% in value in the past 30 days. The altcoin received a large bump in price after top crypto exchange Coinbase announced earlier this month that it would list the asset, along with Skale Network (SKL) and SushiSwap (SUSHI).
Smart Contracter notes that he did put stop orders on MATIC in case his short-term bearish take on Bitcoin drags the market down.
For context, the analyst recently shared a chart suggesting that he believes BTC could shoot down to the $50,000 range in short order.
Bitcoin is trading at $57,209.98 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/The Light Lab