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.
Source: Justin Bennett
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.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of 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/POR666/stockphoto-graf