Listed below are breakout situations for Ethereum Rival Polygon (MATIC), Polkadot (DOT) and VeChain: Analyst Justin … – The Every day Hodl

A popular crypto strategist and trader reveals potential breakout games for Polygon (MATIC), Polkadot (DOT) and VeChain (VET) as we head into the new year.

In a new strategy session, analyst Justin Bennett says he is monitoring the price development of Polygon, a scaling solution that is intended to enable the widespread introduction of decentralized apps on the 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 speaking, it is a bullish structure for the market when a market tests its all-time high 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 daily to close in order to turn this area into 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 $ 31-32, close above it, flip it to support, then move towards $ 38.

The last coin on Bennett’s list is supply chain management platform VeChain (VET), which he says 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 really formed this triangular pattern all year round. So if that is the case and we see VET staying down here above this range, around $ 0.07, maybe just above it, that could play a role. We could just see a market consolidate here this way, pop up, retest the resistance ($ 0.15) and then possibly get a breakout in 2022. “

I

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are made at your own risk and you are responsible for any losses. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock / andreiuc88 / Vladimir


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