Crypto analyst Benton Yaun and established market experts Jordan Finneseth identified the two best altcoins for 2022: Yearn.Finance (YFI) and IOTA (MIOTA). Popular crypto analyst Justin Bennett delves into Ethereum rival Polygon (MATIC). For details cryptocoin.com keep reading.
According to the analyst, new ATH for this altcoin is on the way
Justin Bennett believes that $2.70 is a major hurdle for MATIC and states that if this hurdle is overcome, it can boost the altcoin project to all-time highs:
If MATIC rises above $2.70 in the coming weeks, it is likely to find resistance at the top of this channel. Whether that’s around $4.00 or $4.70, this level here depends on when MATIC tests that level.
According to the analyst, the market loves symmetry and therefore equidistant channels like this work very well. “This is how I would play an escape scenario,” says Justin Bennett, noting the following levels:
Wait for the daily close above $2.70 and then target the top of this channel somewhere between $4.00 and $4.70.
At the time of writing, the MATIC is up a bit and is priced at $2.61. Less than two weeks ago, the altcoin was trading as low as $1.75. A price of $4.00 per altcoin represents an increase of over 50% from today’s price, and the MATIC of $4.70 marks an 80% gain.
Justin Bennett says he’s considering several possible scenarios for MATIC over the next few weeks. Besides the optimistic game already discussed, the analyst also takes into account a possible scenario that would invalidate the bullish scenario:
In the next few days we either get a close above $2.70, turn this area to support and then we get a move and then come back to this area ($2.60-2.70). In the third scenario, if MATIC fails and crashes, the area to hold will be right here around $1.70.
According to the analyst, the only reason the break above $2.70 is working is because the market is making higher and higher lows. The analyst states that if this change is seen, all these predictions will be invalid and if it falls below $1.70, all this prediction will be off the table.
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