Benjamin Cowen, one of the most famous analysts in the crypto money industry, stated that there is still hope for some altcoins despite the blood-soaked market. Cowen is one of the most important helpers of Ethereum, the second largest cryptocurrency by total market capitalization. Polygon (MATIC), It expects a significant rise soon.
MATIC Can Sustain the Rise
In his analysis, where he compared Layer 2 protocols, Cowen emphasized that significant increases can be seen depending on the movements of Bitcoin and Ethereum. First of all, the analyst underlined that MATIC was pregnant with a major break. The experienced name underlined that this is positioned against BTC, and underlined that a record may be reached against the US dollar soon.
We know that to achieve a truly sustainable breakout, the leading cryptocurrency Bitcoin needs to rise to the bull market support band again. This will be the best case scenario for MATIC and its rise will start from there. Currently, Bitcoin is still below that level, but MATIC continues to rally. However, to see the best levels, BTC needs to step towards $53,000 and a serious rally may be possible for MATIC from here on out.
Stating that he saw movement in the MATIC/ETH parity, the analyst stated that even a new record could come as long as it is held above $ 1.62. According to the analyst, the price of MATIC may rise close to 60% and surprise the whole market.
*Not Investment Advice.