Successfully predicting the end of the Bitcoin (BTC) bull market last year, the analyst shared his predictions for blockchain scaling solution Polygon (MATIC) and smart contract protocol Avalanche (AVAX).
The analyst, known under the pseudonym Pentoshi in the cryptocurrency markets, told 671,300 Twitter followers that MATIC is on the rise. told. According to the analyst, the altcoin is moving towards a major resistance area:
“The most important and historical point on the chart is $1.30. Consider this a great place to focus on the next big move. If we can close above that on the three-day chart, we’ll go to the previous range.”
At press time, the MATIC is trading at $1.14.
The other altcoin on the analyst’s radar is Ethereum (ETH) rival AVAX. According to the crypto strategist, Avalanche looks set for a 36% increase as the altcoin is currently trading above $20.
“Amazon comes to the crypto market, partners with AVAX, and then an NFT [non-fungible token] announcing its attempt (but not confirmed whether it’s with Avax). They’re making moves. I think this could push the price up to $28 next month.”
Earlier this month, it was reported that Amazon is working with AVAX developer Ava Labs to accelerate blockchain adoption across multiple industries. Besides, Pentoshi is also examining the leading altcoin Ethereum. The analyst thinks that ETH is poised for a rally in the Bitcoin trading pair (ETH/BTC):
“I think ETH/BTC will ease up a bit soon.”
Looking at Pentoshi’s chart, it seems to predict an increase to around 0.072 BTC ($1,677) for ETH/BTC. At the time of writing, the pair sits at 0.068934 BTC ($1,605).
You can follow the current price action here.