Trader Flips Short on Chiliz (CHZ), Makes Forecast for Polygon (MATIC) and One More Large-Cap Altcoin
A carefully adopted analyst recognized for well timed altcoin calls is updating his outlook on a number of crypto property because the markets commerce flat.
The pseudonymous dealer often known as Altcoin Sherpa says he’s trying to go brief on fan token-focused crypto challenge Chiliz (CHZ) because the coin kinds what he sees as a bearish arrange.
“CHZ: Present plan for brief entry.”
Based mostly on his chart, Altcoin Sherpa is searching for a bounce off the four-hour 200 exponential transferring common (EMA) earlier than opening a brief across the $0.22 vary.
At time of writing, CHZ is altering palms at simply over $0.20.
Subsequent on Altcoin Sherpa’s listing is blockchain scaling resolution Polygon (MATIC). Based on the crypto strategist, there are three doable eventualities that await MATIC.
“MATIC: There are three outcomes right here [in my opinion]: the primary is a cup and deal with and worth continues. This occurs if BTC/ETH are each okay and bullish.
The second is a double backside, worth returns to the lows after which consolidates/that’s the underside.
The third is that its throughout and it dies.”
Presently, MATIC is buying and selling for $0.87, flat on the day however up 11% on the week.
Lastly, the favored analyst has his radar locked on Binance Coin (BNB), the native token for Binance, the most important crypto trade on this planet by quantity.
Altcoin Sherpa says BNB is about to bear a hefty correction right down to the low or mid $200 vary, with Bitcoin’s (BTC) pull in the marketplace being a figuring out issue. He’s additionally watching BNB versus BTC (BNB/BTC) to gauge its power.
“BNB: Proper again right down to low mid $200s, relying on how BTC does. BTC pair nonetheless sturdy although.”
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