Analyst Scared: MATIC and These 4 Altcoins Could Crack!
Recently, Altcoin Sherpa, a popular cryptocurrency analyst, shared his expectations for various coins. The cryptocurrency analyst's focus was on XRP, Polygon (MATIC), Chainlink (LINK), Chiliz (CHZ), and Polkadot (DOT). He stated that these coins will move, especially if Bitcoin falls. Here are the details.
Analyst MATIC points to bearish possibility for LINK, CHZ, DOT, XRP
Altcoin Sherpa shared his expectations for the market in a video he shared on Youtube. According to the analyst, if the Bitcoin price drops one more step, XRP, MATIC, LINK, CHZ and DOT are likely to drop by 25-50 percent. However, he states that Polygon, an Ethereum (ETH) scaling solution, still "looks good" to him. He predicts it will stay in the $0.70 to $1.00 range.
If Bitcoin does not drop and MATIC consolidates in the next few weeks, the analyst thinks MATIC could rise as high as $2. MATIC is trading at $0.881 at the time of writing. The coin, which is in the 10th place by market value, has increased by 4 percent in the last 24 hours. On the other hand, Altcoin Sherpa says that Chiliz, the platform that powers the social token platform Socios.com, should rise higher in the short term. He thinks that the coin could rise to the $0.24 range. But he warns there is "too much unpredictability" with the asset.
Analyst: XRP chart “a bit weird”
The analyst also thinks that the XRP chart “looks a little weird.” He adds that he expects volatility for XRP. The analyst says that the volatile and strange outlook in XRP will continue for another month. He says we will witness such a movement for at least a few more weeks. However, he also states that this will mean a return. Still, in his own opinion, it's possible that he'll act indefinitely for a while. XRP is trading at $0.38052 at the time of writing. The 7th-ranked cryptocurrency by market value has increased by 0.25% in the last 24 hours.
On the other hand, Altcoin Sherpa thinks LINK's chart looks great. He says that Chainlink’s 200-day exponential moving average is approaching its price. He states that the decentralized oracle network will look good if it can reclaim the $7.50 range. He says that if he regains that level, he could skyrocket by 50 percent. LINK is trading at $6.79 at the time of writing. The 23rd-ranked crypto asset by market cap has increased by more than 4% in the last 24 hours.
Finally, the analyst says it's bearish on Polkadot. He says the DOT chart shows it could drop as low as $3.50. According to data, Polkadot is changing hands at the time of writing, with a decrease of 3.9 percent, at the level of $ 5.30. So if it drops by about $2, the analyst's prediction will come true.