Is Polygon (MATIC) gearing up for its next big move? Crypto analyst Benjamin Cowen is closely watching this Ethereum scaling solution, and his analysis suggests some interesting possibilities for MATIC. With MATIC showing strength against both the US dollar and even Bitcoin in recent times, let’s dive into what Cowen is saying and what it could mean for MATIC holders.
MATIC’s Impressive Stand Against USD and BTC
Benjamin Cowen highlights MATIC’s positive performance against the US dollar. But it’s not just USD; MATIC is also holding its own against the crypto king, Bitcoin. This is a significant sign of strength in the altcoin market. However, Cowen emphasizes the importance of Bitcoin’s overall market position for a truly sustained MATIC rally.
He points out:
- For MATIC to experience a sustained breakout, Bitcoin needs to regain stronger footing.
- Ideally, Bitcoin should climb back above the bull market support band.
- While MATIC is rallying even with Bitcoin below this level, stronger Bitcoin performance would create ideal market conditions for MATIC.
Cowen suggests that Bitcoin reaching around $53,000 would be a particularly bullish signal, setting the stage for MATIC to thrive. Currently, Bitcoin is trading at around $48,297 (at the time of writing), still below that ideal level. But MATIC’s resilience is noteworthy.
Currently, Bitcoin is trading at around $48,297 at the time of writing.
The MATIC/ETH Pair: A True Test of Strength
For Cowen, the real litmus test for MATIC’s strength lies in its performance against Ethereum (ETH). The MATIC/ETH trading pair provides a crucial insight into whether MATIC is genuinely gaining momentum or just riding broader market waves.
Cowen observes:
- The MATIC/ETH pair is the ultimate barometer of MATIC’s underlying strength.
- Is MATIC losing ground against ETH? According to Cowen’s analysis, not really.
- The MATIC/ETH chart shows a positive trend, with recent breakouts suggesting renewed strength.
- MATIC appears to be holding support around 0.00036916 ETH (approximately $1.62).
- It’s trading above its bull market support band against ETH, further reinforcing its positive momentum.
- MATIC is now approaching its previous all-time high valuation against ETH.
To reach its prior all-time high valuation against Ethereum, MATIC would need to climb roughly another 61% to 62% from its current level, assuming Ethereum’s valuation remains constant. Cowen calculates that this could potentially push MATIC’s price to over $3.50.
In essence, Cowen’s analysis paints a cautiously optimistic picture for Polygon (MATIC). While Bitcoin’s performance remains a key factor in unlocking MATIC’s full potential, MATIC’s strength against both USD, BTC, and especially ETH suggests a solid foundation for future growth. Keep an eye on the MATIC/ETH pair – it could be the clearest indicator of MATIC’s next major move!
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