The crypto analyst, who correctly predicted the bottom of Bitcoin’s (BTC) 2018 bear market, says two altcoin projects are poised for a rally. Popular crypto analyst Benjamin Cowen predicts where Cardano (ADA) will bottom out. Also, the analyst shares his expectations from Binance Coin (BNB). Veteran analyst Justin Bennett says Ethereum (ETH) is poised for a big move
Analyst predicts epic rally for two altcoins
Smart Contracter pseudonymous analyst says that peer-to-peer payment network Litecoin (LTC) has emerged from a bullish continuation pattern in the lower time frame. “There is a clean four-hour bull flag break in LTC,” the analyst says in this regard.
The analyst then moves to decentralized finance (DeFi) lending and borrowing protocol Aave (AAVE). According to Smart Contracter, AAVE is ready for an 80% rally after completing an ABC wave on the daily chart. Accordingly, the analyst makes the following statement:
I think it will take about two months to get there. Also, I’m not sure yet if this will be a bear market rally. However, I think it looks good here and is happy to keep it for a few months.
cryptocoin.comThe analyst, whose predictions we have included in , also takes a look at the leading crypto Bitcoin. Smart Contracter says that it is closely following the bullish scenario of BTC. “Price action literally does that…” explains the analyst. According to the analyst’s chart, he seems to predict that BTC will rally towards $17,841.
Where Cardano (ADA) will bottom out, according to Cowen
Benjamin Cowen says there is a ‘real risk’ that Cardano (ADA) could drop significantly more. Cowen notes that the Ethereum (ETH) rival’s bear market resistance band continues to provide a resistance where ADA is rejected. The analyst also says that Cardano has not yet plunged as much as it did in the first bear market. In this context, Cowen makes the following assessment:
The point I’m trying to make here is that in Ethereum’s first cycle, it dropped around 95% in its first major bear market. However, ADA fell almost 99% in its first bear market. Let’s say ADA has diminishing losses or something in this bear market and instead of falling 98%, let’s say Ethereum is one cycle behind, falling 94% or 95%. A 95% drop from its all-time high puts the ADA between 10 and 20 cents. That was where he would put it, after all.
Hence, Cowen predicts ADA will likely bottom out between $0.10-0.20 ‘sometime in 2023’.
Master analyst shares his predictions for leading altcoin and BNB
Justin Bennett, a closely followed crypto strategist, says he is poised for a big move that could determine whether Ethereum (ETH) will outperform Bitcoin (BTC) next year. The analyst is looking to see if the ETH/BTC pair is approaching the end point of a symmetrical triangle formation. He says he is about to make a decision accordingly. The analyst makes the following statement:
This multi-year model will likely determine whether Ethereum will outperform or underperform Bitcoin in 2023.
At press time, ETH/BTC is trading at 0.075 BTC ($1,261). Thus, it threatens to break Bennett’s diagonal resistance. A rising ETH/BTC pair indicates that Ethereum will outpace Bitcoin’s gains.
Looking at Bitcoin, Bennett notes that the leading crypto has shown short-term bullishness after removing BTC’s cross resistance in the lower timeframe. For that, “There are a lot of advantages for BTC if it can break this level. “I’m waiting to see what we get here,” he says.
The crypto analyst also tracks Binance Coin (BNB), the service token of crypto exchange Binance. Bennett warns that BNB is currently trading below its four-year diagonal support. So, he suggests that the altcoin project may be preparing for a corrective move. In line with this, Bennett explains, “BNB broke the 2018 trendline.”
At the time of writing, BNB is changing hands for $301, up over 1.5% on the day. However, it is still below Bennett’s trendline.
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