So, Crypto analyst Benjamin Cowen is looking at the potential of Ethereum (ETH) scaling solution Polygon. Of course, its native token MATIC is going up since recent months.
Furthermore, Benjamin Cowen confirms that MATIC is doing well against the US dollar, as it stacks up against BTC.
“We know that in order for us to really have a sustained breakout, we’d like to see Bitcoin…”
“ideally get back above the bull market support band…”
Then, Benjamin Cowen continues.
“That would be the best-case scenario for MATIC if Bitcoin can get back above those levels.”
“Right now Bitcoin is still below the level and MATIC is still rallying,…”
“so who am I to say that it can’t rally above it?”
More so, Benjamin Cowen explains.
“But in order to have the best market conditions, we would like to see Bitcoin get…”
“back to $53k or so. [That] would actually be quite ideal,..”
“and would set MATIC up for an ideal situation.”
Currently, Bitcoin is trading at around $48,297 at the time of writing.
Also, considering MATIC/ETH trading pair, Benjamin Cowen thinks it is the ultimate barometer of the altcoin’s strength, weakness.
“Now the true test, as we all know, is what does it do against Ethereum?…”
“What if it bleeds against Ethereum? Does it bleed? Not really.”
Then, Benjamin Cowen adds.
“This is a pretty nice trend here. And you can see that most recently it started to break out again…”
“It does appear to be holding support at these levels [0.00036916 ETH, or about $1.62],…”
“it’s back above the bull market support band, and it’s also approaching the…”
“prior all-time high in terms of the MATIC/ETH valuation.”
Lastly, Benjamin Cowen concludes.
“In order to get there, it would need to climb another 61% or 62% for a constant valuation…”
“of Ethereum. That would actually take the valuation of MATIC up to over $3.50 or so.”
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