MATIC: Changing Out Tune on Altcoins?
Up until recently, we have advocated not chasing altcoins on rallies. The recent move in Matic Network (MATIC) is making us consider changing our tune.
Right now, Matic Network is at resistance near 212. We don't recommend paying up to join this rally at this time. However, with Bitcoin (BTC) stalling near 8500, we see a shift where certain quality altcoins may start to rally a lot. We are currently looking at Cosmos (ATOM) and Ravencoin (RVN), as well. ZRX is also on our radar.
Bottom Line: In Matic Network (MATIC), go to wait and see mode. FOMO doesn't always work after a massive rally in a highly speculative coin. The more significant point here is that we are warming up to the idea that altcoins are no longer toxic assets.
Right now, Matic Network is at resistance near 212. We don't recommend paying up to join this rally at this time. However, with Bitcoin (BTC) stalling near 8500, we see a shift where certain quality altcoins may start to rally a lot. We are currently looking at Cosmos (ATOM) and Ravencoin (RVN), as well. ZRX is also on our radar.
Bottom Line: In Matic Network (MATIC), go to wait and see mode. FOMO doesn't always work after a massive rally in a highly speculative coin. The more significant point here is that we are warming up to the idea that altcoins are no longer toxic assets.
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