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Crypto Analyst Predicts MATIC/BTC and SOL/BTC May Fade Into Lower Regions

Published 06/28/2023, 04:52 PM
Updated 06/28/2023, 05:15 PM
© Reuters.  Crypto Analyst Predicts MATIC/BTC and SOL/BTC May Fade Into Lower Regions
MATIC/BTC
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SOL/BTC
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  • Benjamin Cowen has identified a weakness between MATIC to Bitcoin and SOL to Bitcoin.
  • MATICBTC traded within a specific range throughout Bitcoin’s bear market.
  • With SOLBTC, people get sucked in on each pump, then the price fades into new lows.

Benjamin Cowen, the founder of ITC Crypto, has identified a weakness between MATIC to Bitcoin and SOL to Bitcoin. The renowned analyst independently compared both altcoins’ recent history with Bitcoin, indicating potential weaknesses over the past two years.

Using the MATICBTC weekly chart on TradingView, Cowen showed that MATICBTC traded within a specific range throughout Bitcoin’s bear market. He noted the crypto pair is fading toward the lower part of the range, with the current market situation, with MATIC showing more weakness.

Cowen observed that MATIC is trading below 1700 sats, and breaking below the current support would leave room for a significant drop for the pair. That is because there is no support for a notable region of the price chart.

Cowen also compared SOL’s relationship with Bitcoin on the weekly chart on TradingView. He observed the crypto pair maintained a consistent downward trend over the past two years. Notably, the nature of the price movement retained a significant pattern with pumps and dumps.

The analyst observed that with the SOLBTC price chart, people get sucked in on each pump, only for the price to fade and put in new lows.

Cowen’s analysis shows that the pair has broken below the latest support and may drop further. The SOL holders’ concern is that dropping below the recent support could imply more significant losses. That is because there are no notable support levels nearby.

Following Cowen’s analysis, the outlook for both MATICBTC and SOLBTC does not look promising going into the near future. The bullish sentiment surrounding Bitcoin and its upside momentum supports this opinion. Many altcoin holders, including holders of MATIC and SOL, would rather exchange them for Bitcoins.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Crypto Analyst Predicts MATIC/BTC and SOL/BTC May Fade Into Lower Regions appeared first on Coin Edition.

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