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Analyst points to where the price of Polkadot, Vechain and Matic goes

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A popular cryptocurrency strategist and trader is revealing where he believes the price of Polygon (MATIC), Polkadot (DOT) and VeChain (VET) will go as the new year approaches.

In a new strategy session, analyst Justin Bennett said he is watching the price action of Polygon, a scalability solution designed to enable large-scale adoption of decentralized applications on the ETH (ETH) blockchain.

According to the trader, MATIC is trading within an uptrend channel and should clear a strong resistance area to continue its uptrend.

“Ultimately, whenever a market is testing its historic high and also hitting higher highs and lows, it’s technically a bullish framework for the market. But at the same time, you have to understand that $2.70 is a confluence of resistance. Therefore, it will be a very strong level that MATIC will have to overcome in order for it to become a support area”, he said.

As you pointed out, a convincing move above $2.70 on the daily chart could send the MATIC between $4 and $4.50.

Polkadot and VeChain

The next cryptocurrency on the analyst’s list is Polkadot, a project that connects multiple blockchains into a unified network, allowing users on different blockchains to send and receive transfers of any type of data or assets.

According to Bennett, DOT must recover a key price level to reverse its downtrend.

“The only thing to reverse a downtrend, which is just a series of lower highs and lower lows, is higher highs and higher lows. So we need to see the market break the trendline, rise from $31 to $32, close above that, turn into support, and then move to $38.”

Finally, the last cryptocurrency on Bennett’s list is the VeChain supply chain management (VET) platform. According to him, VET is potentially gearing up for a massive explosion next year.

“This is a scenario I’m playing with right now. VET formed a triangular pattern throughout the year. So if VET goes above this area down here, around $0.07, maybe a little higher, that could go away. We could just see a market consolidating in this way. Go up, retest resistance ($0.15) and then potentially we have a breakout in 2022.”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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