Polygon Showing Strength but Cardano and One Ethereum Rival Flashing Bearish Signal, Says Top Crypto Analyst
Cryptocurrency analyst Jason Pizzino is expressing bearish sentiment on two top-10 Ethereum (ETH) rivals while signaling a bullish outlook on one other altcoin.
Starting with Polygon (MATIC), Pizzino tells his 278,000 YouTube subscribers that the Ethereum scaling solution is making higher lows, a bullish signal.
“Stuff that is making those higher lows is something like MATIC…
Look at the June and then look at the September and October lows – that is a higher low. Very very clear high low.
It doesn’t mean it can’t come back down, but you definitely want to see the market forming those higher lows and starting to put in some sort of strength.”
Polygon hit a low of $0.35 in June and is now trading at $0.96 at time of writing.
Next, the crypto analyst and trader says that Cardano (ADA) is forming lower lows, a bearish signal, while Ethereum competitor Solana (SOL) is close to falling below its June low.
“ADA, in particular, is forming lower lows…
Solana, as a quick look here on the chart, it is getting so close to that low. But it’s just not having that drive-through. So you really want to see that bounce up relatively soon.”
At time of writing, Cardano is currently up 4% on the day, trading for $0.41 and slightly below its June low.
Solana is changing hands for $32.92 at time of writing, up 5% on the day but just above its June low of $28.
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