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Here Are the Breakout Levels for Ethereum, Chainlink and Polygon, According to Crypto Analyst Justin Bennett

Here Are the Breakout Levels for Ethereum, Chainlink and Polygon, According to Crypto Analyst Justin Bennett


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.

 

Source: Justin Bennett

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.

Source: Justin Bennett

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.

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