Popular crypto strategist and trader reveals potential breakout games for Polygon (MATIC), Polkadot (DOT) and VeChain (VET)when we go into the new year.
In a new strategy session, analyst Justin Bennett says he’s been watching the price movement of Polygon, a scaling solution that was designed to enable the widespread adoption of decentralized apps in the marketplace Ethereum (ETH-)Blockchain.
According to the crypto trader, MATIC is trading in an ascending channel and must overcome a strong area of resistance to continue its uptrend.
“Ultimately, technically it is a bullish structure for the market when to be a market All time high tests and also makes higher highs and higher lows. But at the same time you have to understand that $ 2.70 is a confluence of resistance and will therefore be a very strong level that MATIC has to exceed every day at the end in order to turn this area into a support. “
Bennett says a compelling move above $ 2.70 on the daily MATIC chart could potentially move between $ 4 and $ 4.50.
Next up is Polkadot, a project that connects multiple blockchains into a unified network and allows users on different blockchains to send and receive transmissions of any type of data or asset.
Bennett said DOT must recapture a key price level to reverse its bearish trend.
“The only thing that can reverse a downtrend is just a series of lower highs and lower lows, the only thing that can reverse a downtrend is the opposite – that is, higher highs and higher lows. So we have to see the market break the market [diagonal] Trendline, get up here, take out USD 31-32, close above it, flip it over for support, then move towards USD 38.
The last coin on Bennett’s list is supply chain management platform VeChain (VET), which he believes could be poised for a massive outbreak next year.
“This is a scenario I’m playing with right now, possibly the idea that VET here over the year has formed this triangular pattern. So if that is the case and we see VET stay down here above this range, around $ 0.07, maybe just above it, that could have an impact. We could just see a market consolidate here in this way, emerge, retest the resistance ($ 0.15) and then possibly get a breakout in 2022. “
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Source: Crypto News Deutsch