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.ADVERTISEMENT
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.