An analyst who called the end of Bitcoin’s (BTC) bull market last year is predicting surges for blockchain scaling solution Polygon (MATIC) and smart contract protocol Avalanche (AVAX).
Pseudonymous analyst Pentoshi tells his 671,300 Twitter followers that MATIC looks bullish and could be gearing up for a rally toward a major resistance area.
[adinserter block="1"]“This one the most important and historical spot on the chart is $1.30. Think that is a great place to focus on the next major move. If able to close three-day [chart]+ above that, then we go into the previous range. Reject and back to the local lows shown.”
At time of writing, MATIC is changing hands for $1.14, flat on the day.
Next up is Ethereum (ETH) competitor AVAX. According to the crypto strategist, Avalanche looks poised for a 36% surge 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. Think this can run to $28 in the next month or so.”
Earlier this month, Amazon reportedly teamed up with AVAX developer Ava Labs in an effort to speed up blockchain adoption across multiple industries.
Pentoshi is also keeping an eye on Ethereum itself, which he says appears to be setting up for a rally in its Bitcoin pair (ETH/BTC).
“Think ETH/BTC gets a little relief soon.”
Looking at the Pentoshi’s chart, it seems that he’s predicting a surge to around 0.072 BTC ($1,677) for ETH/BTC. At time of writing, the pair is switching hands for 0.068934 BTC ($1,605).
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