MATIC Poised for a Reversal while Bitcoin Prepares for a Parabolic Surge
According to a popular crypto analyst, who has gained a significant following due to his accurate altcoin predictions, one Ethereum-based token may be on the brink of a reversal.
Known only as Kaleo, the analyst believes that Polygon (MATIC), a blockchain scaling solution, is getting ready for a significant upward surge after dropping around 20% a few weeks ago.
After a nice ~20% drop from a couple of weeks ago, $MATIC looks primed for a reversal. https://t.co/DlZ9GMfyP7 pic.twitter.com/jBLmdfdkPU
— K A L E O (@CryptoKaleo) March 7, 2023
Kaleo’s chart suggests that MATIC may experience a final dip below $1 before reversing course and rallying to approximately $1.70.
The analyst thinks that MATIC is currently preparing to overcome its diagonal resistance, which could result in a significant price increase. As of writing, MATIC is worth $1.13.
Furthermore, Kaleo also provided an update on Bitcoin’s outlook, suggesting that the leading cryptocurrency may be consolidating before a parabolic surge in the upcoming months.
READ MORE: Crypto Markets Poised for Bullish Rebound, Says One River CEO
He reminded his followers that the $40,000 level continues to be a significant point of attraction for Bitcoin. Kaleo’s chart indicates that Bitcoin could climb to as high as $45,000 in May before creating a bull trap and dropping to around $37,000.
This is your daily reminder $40K is still a magnet. pic.twitter.com/8jPBo5b4C4
— K A L E O (@CryptoKaleo) March 6, 2023
At the time of writing, Bitcoin is trading at $22,202, suggesting a potential upside of over 100% if it reaches Kaleo’s target.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
