Trader Flips Short on Chiliz (CHZ), Makes Forecast for Polygon (MATIC) and One More Large-Cap Altcoin
A closely followed analyst known for timely altcoin calls is updating his outlook on several crypto assets as the markets trade flat.
The pseudonymous trader known as Altcoin Sherpa says he’s looking to go short on fan token-focused crypto project Chiliz (CHZ) as the coin forms what he sees as a bearish set up.
“CHZ: Current plan for short entry.”
Based on his chart, Altcoin Sherpa is looking for a bounce off the four-hour 200 exponential moving average (EMA) before opening a short around the $0.22 range.
At time of writing, CHZ is changing hands at just over $0.20.
Next on Altcoin Sherpa’s list is blockchain scaling solution Polygon (MATIC). According to the crypto strategist, there are three possible scenarios that await MATIC.
“MATIC: There are three outcomes here [in my opinion]: the first is a cup and handle and price continues. This happens if BTC/ETH are both okay and bullish.
The second is a double bottom, price returns to the lows and then consolidates/that’s the bottom.
The third is that its all over and it dies.”
Currently, MATIC is trading for $0.87, flat on the day but up 11% on the week.
Lastly, the popular analyst has his radar locked on Binance Coin (BNB), the native token for Binance, the largest crypto exchange in the world by volume.
Altcoin Sherpa says BNB is about to undergo a hefty correction down to the low or mid $200 range, with Bitcoin’s (BTC) pull on the market being a determining factor. He’s also watching BNB versus BTC (BNB/BTC) to gauge its strength.
“BNB: Right back down to low mid $200s, depending on how BTC does. BTC pair still strong though.”
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