Analyst Justin Bennett, who is closely followed by investors with his crypto money analysis, evaluated Polygon (MATIC), which is seen as an Ethereum competitor on his Youtube channel.
In his video, the analyst pointed out that the prices he set for this Ethereum rival altcoin are key levels.
Justin Bennett said that the previous peak of $2.70 is an important point for MATIC, and if this level is passed, MATIC can start new price discovery.
“If MATIC rises above $2.70 in the coming weeks, this level becomes support and it is likely to find resistance at the top of this channel. Depending on when MATIC tests this level, our target could be $4.00 or $4.70. Because the market loves symmetry. That’s why equidistant channels like this work so well.”
Popular analyst Bennett also shared another scenario for MATIC, which is likely to happen in the next few weeks.
“If it can close above $2.70 in the next few days, we’ll see an upside move in MATIC and then back to the $2.60-2.70 area.
But as a third scenario, if MATIC fails and crashes, the holding area will be around $1.70 right here.”
*Not investment advice.