Closely followed crypto trader and analyst Justin Bennettshared his predictions for several leading cryptoassets as the markets prepare to close the week with a good outlook.
Sharing his views in the latest issue of the Cryptocademy newsletter, Bennett said, bitcoin He noted that he identified the $24,200 level as a crucial “okay or go” level for (BTC).
“Bitcoin has been struggling to break above the $24,200 area I’ve been talking about for the past few weeks. Turning this around to support and expose the $25,400 area should we see a close above this daily. Alternatively, a close below $24,200 will keep it intact as resistance. Also, a close above and then below the level will cause a false exit.”
Analyst then, the leading smart contract platform Ethereum (ETH) defined a narrow range in which it could fall; $1,780 is a key low that needs to be protected and $2,150 represents a potential short-term high.
“ETH is struggling a bit in the $1,900 area today. This is not a surprise as we know sellers will defend this level. Any pullback from Ethereum must be above $1,780 on a daily close basis for the market to remain constructive. Any level below this could trigger a larger pullback.
If ETH can rise above $1,910 on a daily close basis, the next stop will be $2,150.”
Bennett also added the Layer-1 protocol. witherHe also stated that he follows (SOL) closely. He said that if the ETH rival altcoin can move up, he expects a volatile price action, noting that $40 is a key support level.
“SOL is one of the altcoins to watch. There is a rather large triangle developing due to the descending trendline from the end of last year and the ascending line from the June low. I expect the upcoming breakout to be highly volatile given that the market has been curling up for about two months.
Downside targets are located at $32 and $26, while upside targets are located at $47.50, $53 and $60. The $40 area represents a must-have for SOL.”
Bennett analyzes the Ethereum-based virtual world. The SandboxIt concludes by evaluating (SAND). The analyst stated that while the metaverse game is at an important turning point, the altcoin could see significant selling pressure if the price exceeds $1.50.
“SAND has become even more robust inside the model I mentioned a week ago. But there is no room left in the market and he will have to make a decision in the next few days. A break higher will enable the $1.50 area, while a break lower will target levels like $1.30 or even $1.00.
I would advise caution if we break higher as the trendline at $1.50 in November is likely to attract a ton of sellers.”
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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.