A closely followed strategist says he’s generally outperforming “shaky” crypto markets. Ethereum (ETH) rival altcoin determined key price levels for
popular analyst Justin Bennettis a scaling solution designed to enable widespread adoption of decentralized applications on the Ethereum blockchain. Polygon (MATIC) He shared the video on his YouTube channel for an in-depth strategy session about
Bennett believes that the $2.70 level is a major hurdle for MATIC and thinks that if this hurdle is overcome, the altcoin could rise 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.
The market loves symmetry. Always remember: “markets love symmetry”. And that’s why equidistant channels like this work so well. If MATIC rises above $2.70, it is above this level. [2,70 Dolar] if there is a daily close above that would be support and then resistance here at this level [yaklaşık 4,00 Dolar] and that will be above the $4.70 mark.
This is how I would play an escape scenario. Wait for the daily close above $2.70 and then aim for the top of this channel somewhere between $4.00 and $4.70.”
The MATIC watches, which we prepared the news, rose a little and its price is located at the level of $ 2.61. Less than two weeks ago, the altcoin was trading as low as $1.75.
A price of $4.00 per MATIC represents an increase of over 50% from today’s price, and the Polygon of $4.70 represents an increase of 80%.
Bennett said 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.
“Over the next few days we either get a close above $2.70 and turn this area to support and then we get a move… And then we come back to this area [2.60-2.70 dolar aralığı].
The third scenario, if MATIC fails and crashes, the area to hold will be around $1.70.
The only reason the break above $2.70 is working is because the market is making higher and higher lows. If we see this change, then this whole idea no longer exists. If it drops below $1.70, this whole idea is off the table.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.