Popular crypto strategist Justin Bennett makes key altcoin predictions. The analyst explains potential bullish situations for Polygon (MATIC), Polkadot (DOT), and VeChain (VET) as we enter the new year.
Justin Bennett: MATIC is trading in an ascending channel!
The analyst first draws attention to MATIC. According to Justin Bennett, MATIC is trading in an ascending channel and needs to break a strong resistance area to continue the uptrend. Justin Bennett adds the following to his explanations on the subject:
Ultimately, if a market is testing an all-time high and carving higher highs and higher lows like this, it’s technically a bullish structure for the market. But at the same time, you have to understand that $2.70 is a combination of resistance and therefore this will be a very strong level as MATIC needs to break above this area on a daily close basis to turn this area into support.
Justin Bennett: Next bullish altcoin Polkadot…
Justin Bennett says that a convincing move above $2.70 on the daily chart could potentially send MATIC between $4 and $4.50. The next altcoin, Polkadot, is a project that connects multiple Blockchains into a single unified network, allowing users on different Blockchains to send and receive transmissions of any kind of data or asset. According to Bennett, the DOT must retrace a significant price level to reverse the downtrend. Justin Bennett adds the following to his explanations on the subject:
The only thing that reverses the downtrend, which is just a series of lower highs and lower lows, is the only thing that will reverse it, i.e. higher highs and higher lows. So we need to see the market break the trendline, come here, break out between $31 and $32, close above that, flip to support it and then move towards $38.
Justin Bennett: This altcoin could hit a big break next year!
The last altcoin on Justin Bennett’s list is supply chain management platform VeChain (VET), which he says is potentially poised for a big debut next year. Justin Bennett adds the following to his explanations on the subject:
One scenario I’m working on right now is potentially the idea that VET really builds this triangle pattern here all year long. So, if that’s the case and we see VET staying above this area here, around $0.07, maybe just above it, this could work. Here we can see a market consolidating like this, rising, retesting resistance ($0.15) and then potentially catching a break out in 2022.