An Ethereum rival will soon witness an epic rally, according to cryptanalyst Justin Bennett

A closely watched strategist is identifying key price levels for an Ethereum (ETH) competitor that has been overshadowing volatile crypto markets in general.

Popular analyst Justin Bennett visits YouTube for an in-depth strategy session on Polygon (MATIC), a scaling solution designed to enable large-scale adoption of decentralized applications on the Ethereum blockchain.

Bennett believes that $ 2.70 is a major barrier for MATIC which, if broken, could cause the altcoin to soar to new all-time highs.

“It is quite natural to assume that if MATIC can break above $ 2.70 in the next few weeks, break above this zone, it is likely to find resistance here at the top of this channel. Whether it’s around $ 4.00 or maybe $ 4.70, this level up here, it all depends on when MATIC will test that level.

A market loves symmetry. Always remember that: markets love symmetry. And that’s why equidistant channels like this work so well. If MATIC breaks above $ 2.70, a daily close above this [$2.70], that becomes support, and then resistance will be here at this level [around $4.00]as well as that $ 4.70 mark.

This is how I would play in a breakout scenario. Wait for the daily close above $ 2.70 and then aim for the top of that channel somewhere between $ 4.00 and $ 4.70.

Source: Justin Bennett / YouTube

As of this writing, MATIC is up slightly and is priced at $ 2.61. Less than two weeks ago, the altcoin was trading for just $ 1.75.

A price of $ 4.00 per MATIC would mean an increase of more than 50% from the current price, and Polygon at $ 4.70 would indicate an 80% increase to the upside.

Bennett says he is considering several possible scenarios for MATIC over the next several weeks. In addition to the optimistic game already discussed, the analyst takes into account a possible scenario that will invalidate his bullish script.

“Either we get a close above $ 2.70 in the next few days, we trade this area for support and then we make a move up… or we get a lower rotation first, in which case we look at this $ 2.00 support area down here for provide support and then return to this area [$2.60-$2.70].

The third scenario is that if MATIC does not break and break, the obligate area will be here at around $ 1.70.

The only reason a break above $ 2.70 is going to work is because the market has been hitting higher highs and lows.

If we see that change, then this whole idea no longer exists. If it breaks below $ 1.70, then this whole idea is off the table.


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An Ethereum rival will soon witness an epic rally, according to cryptanalyst Justin Bennett

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