A closely followed strategist has revealed key price levels for an Ethereum (ETH) competitor that is making a difference in the generally bearish crypto market.
Popular analyst Justin Bennett has done an in-depth review of Polygon (MATIC), a scaling solution designed to enable widespread adoption of decentralized applications on the Ethereum blockchain.
Bennett believes that $2.70 is a major hurdle for MATIC, and if this hurdle is overcome, it could boost the altcoin to all-time highs.
At the time of writing, the MATIC has gone up a bit and is priced around $2.60. Less than two weeks ago, the altcoin was trading as low as $1.75. A price of $4.00 per MATIC represents an increase of over 50% from today’s price, and a MATIC of $4.70 represents an increase of 80%.
Bennett said he’s considering several possible scenarios for MATIC over the next few weeks. Besides the optimistic game already discussed, the analyst also takes into account a possible scenario that would invalidate the bullish scenario.