Crypto analyst Justin Bennett is labeling critical areas of resistance and support for Ethereum (ETH), Chainlink (LINK) and Polygon (MATIC).
In a new issue of Cryptocademy, Bennett tells his readers that Ethereum is looking to sustain a breakout toward the $3,500-$3,700 area after breaching its previous resistance at $3,190.
According to the trader’s chart, a move above $3,700 could potentially push Ethereum to resistance at $4,377.
Bennett is also looking at top oracle project Chainlink, which he says may be poised for a larger move up if it can manage to stay above its immediate resistance at $27.50.
“The $27.50 area could attract a few sellers as it’s the 50% retracement of the correction. That said, a daily close above $25 should flip the area to support. If LINKUSDT can get above the $27.50 area, there isn’t much stopping a run at $35.”
At time of writing, Chainlink is trading at $27.38, according to CoinMarketCap.
The third coin on Bennett’s radar is layer-2 scaling solution Polygon, which the analyst says is having a strong breakout on the day heading north of $1.40.
According to Bennett, MATIC is poised to surge to his target of $1.75, which served as a critical support area in May before turning into a resistance in June.
According to Bennett’s chart, a move above $1.70 could put MATIC in a position to rally to its next resistance at $2.43.
Source:dailyhodl.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |