A Crypto Trader Believes Polygon Rival Optimism Has More Upside Potential
A well-known crypto trader, The Flow Horse, predicts that Optimism (OP), a competitor of Polygon (MATIC), still has room for growth after undergoing a retest at the $3.45 level. The trader suggests that when a cryptocurrency retests and reclaims its yearly highs, it often experiences further price increases. Therefore, he believes that OP has the potential to go much higher as long as market conditions remain favorable.
Bullish Outlook on Mina Protocol
The trader also shares his bullish outlook on Mina Protocol (MINA), a privacy-focused payments protocol. Despite the recent market downturn, MINA is currently trading around new yearly highs. The trader sees potential for MINA to gain momentum if Bitcoin stabilizes. He plans to enter a long position on MINA with a stop below the day’s opening price.
Possible Decline in Bitcoin
The trader points out a concerning trend in Bitcoin’s funding rate and borrow rates for altcoins. These rates have been increasing, which may indicate a possible decline in Bitcoin’s price. Additionally, the trader notes that some altcoins have been pumping while Bitcoin has been dropping, suggesting an unfavorable market situation for Bitcoin.
Hot Take: Keep an Eye on Optimism and Mina Protocol; Caution Regarding Bitcoin
The Flow Horse, a prominent crypto trader, believes that Optimism and Mina Protocol have the potential for further growth based on their recent performance and market conditions. However, he advises caution regarding Bitcoin due to the current market trends. It’s important for crypto investors to monitor these developments closely and make informed decisions based on their own risk tolerance and investment strategies.
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