Justin Bennett, a famous crypto market analyst; Cardano (ADA) has just given an update on its forecasts for Litecoin (LTC) and Polkadot (DOT).
Bitcoin has been gradually facing selling pressure since early September when it dropped just below $53,000. Commenting on this situation, Bennett expects altcoin prices to decrease in the short term as BTC seeks stability.
Starting the evaluation with Cardano, the strategist told his Twitter followers; He explained that after ADA failed to reclaim this level last week, it is again facing resistance at $2.30.
“Remember how much I talked about the importance of $2.30 for ADA?
Two weeks ago, we had a weekly close below $2.30. Buyers same level last week [2.30 dolar] tried to get it back but failed in the end. This means that there is still resistance at $2.30 on a weekly close basis. It’s that simple.”
After falling below $2.20, the smart contract platform is currently trading at $2.06, down more than 5 percent, according to data from CoinGecko. Bennett, the $2.00 price tag; He believes it could be the last support line before seeing more downside breakouts.
“$2 remains the level to hold for the bulls. If it falls below that, it’s quite possible that things will get ugly.”
As for Litecoin (LTC), Bennett predicts that if the bulls fail to hold the line at $145, the cryptocurrency could fall further to the $105 to $108 range.
“LTC is about to retest the $145 support.
A one-day close below this level opens the door to the $105 area…”
Lastly, talking about the worst case scenario for Polkadot (DOT), Bennett predicted last week that DOT would drop to $12.50 if the head & shoulders pattern continues on short-term timeframes. The analyst stated that there was no change in his thoughts this week and that this level should be maintained.
At the time of writing, Polkadot is trading at $27.72, just above the $26 neckline pointed out by Bennett, according to data from CoinGecko.
Notice where $DOT bounced over the weekend. No surprises there.
Looks to be coming in for another retest.
No change to last week’s comments. https://t.co/IdP5PF3drM pic.twitter.com/QJx6v54xmT
— Justin Bennett (@JustinBennettFX) September 27, 2021
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.