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Altcoin

Trader Flips Short on Chiliz (CHZ), Makes Forecast for Polygon (MATIC) and One More Large-Cap Altcoin

A intently adopted analyst recognized for well timed altcoin calls is updating his outlook on a number of crypto belongings because the markets commerce flat.

The pseudonymous dealer referred to as Altcoin Sherpa says he’s seeking to go quick on fan token-focused crypto undertaking Chiliz (CHZ) because the coin varieties what he sees as a bearish arrange.

“CHZ: Current plan for short entry.”

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Source: Altcoin Sherpa/Twitter

Based on his chart, Altcoin Sherpa is trying for a bounce off the four-hour 200 exponential shifting 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.

Next on Altcoin Sherpa’s listing is blockchain scaling answer Polygon (MATIC). According to the crypto strategist, there are three potential situations that await MATIC.

“MATIC: There are three outcomes right here [in my opinion]: the primary is a cup and deal with and price continues. This occurs if BTC/ETH are each okay and bullish.

The second is a double backside, price returns to the lows and then consolidates/that’s the underside.

The third is that its throughout and it dies.” 

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Source: Altcoin Sherpa/Twitter

Currently, 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 biggest crypto trade on this planet by quantity.

Altcoin Sherpa says BNB is about to endure a hefty correction all the way down to the low or mid $200 vary, with Bitcoin’s (BTC) pull on the market being a figuring out issue. He’s additionally watching BNB versus BTC (BNB/BTC) to gauge its power.

“BNB: Right back down to low mid $200s, depending on how BTC does. BTC pair still strong though.” 

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Source: Altcoin Sherpa/Twitter
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Source: Altcoin Sherpa/Twitter

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Featured Image: Shutterstock/YUCALORA

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