Widely followed analyst Justin Bennett weighs in on several of the top crypto assets as markets end the week on a high.
In the latest edition of the trader’s Cryptocademy newsletter, Bennett identifies $24,200 as a crucial make-or-break level for Bitcoin (BTC).
“Bitcoin is struggling to close above the $24,200 area as I’ve mentioned over the last couple of weeks. It’s going to take a daily close above that to turn it around to support and reveal the $25,400 area.
Alternatively, a close below $24,200 will keep it intact as resistance. Furthermore, a finish above and then back below the level will result in a fakeout.”
At the time of writing, Bitcoin is trading at $24,522, but is still up over 5% from a week ago.
Bennett then identifies a narrow range in which leading smart contract platform Ethereum (ETH) could swing, with $1,780 as a key low to sustain and $2,150 as a potential near-term high.
“ETH is struggling a bit today at the $1900 area. It’s not a surprise given that we knew sellers were likely to defend that level.
Any pullback from Ethereum needs to stay above $1,780 on a daily closing basis for the market to remain constructive. Anything below that and we could see a major retracement begin.
If ETH can get above $1,910 on a daily closing basis, the next stop will be $2,150.”
Ethereum continues to rise as ETH is currently trading at $1,962.
Bennett is also investigating the layer-1 protocol Solana (SOL). He expects choppy price action if the ETH competitor makes a move to the upside, noting that $40 is a key support level.
“SOL is one to watch. There is a decent sized triangle that has developed due to the descending trendline from late last year and the ascending line from the June low.
I expect the upcoming breakout to be fairly volatile given that the market has been reeling for nearly two months.
Downside targets include $32 and $26, while upside targets are $47.50, $53 and $60. The $40 area is a must-hold level for SOL.”
Solana continues the trend with positive market momentum changing hands at $47.19.
Bennett concludes his crypto analysis by considering the Ethereum-based virtual world The Sandbox (SAND). The analyst observes that while the metaverse game is at an important crossroads, the altcoin could see significant sell-side pressure if the price tops $1.50.
“SAND is still consolidating within the pattern I mentioned a week ago. However, the market is running out of room and will be forced to make a decision in the next few days.
A break higher would open up the $1.50 area, while a break lower would target levels like $1.30 or even $1.00.
Just be careful if we get a break higher as the November $1.50 trendline is likely to attract a ton of sellers.”
The Sandbox has experienced a rocky week of trading and is currently trading at $1.36.
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