Crypto analyst Justin Bennett analyzes how Bitcoin, Ethereum (ETH), Dogecoin (DOGE), VeChain (VET) and Verasity (VRA) will move after Bitcoin (BTC) drops from all-time highs. we too cryptocoin.com We have compiled Justin Bennett’s analysis for our readers.
“Ethereum should not fall below the critical support level of $3,900”
While Bitcoin is threatening to drop below $60,000, the founder of Cryptocademy says he has seen a ton of confluence for the leading crypto asset by market cap of around $55,000.
There is a ton of confluence around 55 thousand dollars. However, keep in mind that the September high near $53,000 could also play a role. Key resistance levels above $60,000 are $63,600 and $67,000.
The crypto analyst states that Ethereum should not fall below the critical support level of $3,900 that it is currently testing:
If we get the latter under $3,900, I’ll keep an eye on the $3,700 area. As I’ve been holding for a while, ETH needs to clear $4,370 on a daily close basis to secure the breakout and enter price discovery.
According to analyst, it may not be the best time to buy DOGE
Dogecoin (DOGE) broke above new support around $0.23. However, the analyst thinks it may not be the best time to buy DOGE as it tests lower levels:
Today’s session must close inside Tuesday’s range for it to be considered a bullish signal. Tuesday’s low was $0.2520. So this is the level to be turned off above. If DOGE can do this, we could see this market return to the $0.27 resistance. If not, it likely drops towards the $0.23 support.
Justin Bennett: Key resistance for VRA at $0.085
After VeChain (VET) has fallen rapidly by 21% in recent days, Justin Bennett says that the movement of the coin will depend on BTC. He predicts that VeChain will return to the resistance level at $0.155 if Bitcoin already hits its lowest price:
However, a deeper correction of BTC towards $53,000 could bring VET into the $0.10 to $0.11 range. Especially when we see VET/BTC reaching resistance and selling today. Of course, if there is already a bottom for Bitcoin, VET must maintain its current level and bounce back to the $0.155 resistance.
Justin Bennett also expects Verasity (VRA) to pull back during a rally following the $0.05 break:
If VRA pulls back to the $0.055-$0.065 support area, it could present a viable buying opportunity. Key resistance is $0.085.
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