A widely-followed crypto analyst foresees impending bounces for top cryptos Bitcoin (BTC) and Ethereum (ETH) while highlighting support levels for two popular altcoins.
In a recent YouTube update, crypto trader Justin Bennett tells his 8,470 subscribers that a substantial Bitcoin bounce could be on the horizon.
“I would expect, at some point over the coming weeks, at least a 20-30% bounce from BTC.”
With Bitcoin currently trading for $43,122, a 20-30% upswing would mean that Bennett expects BTC to reach somewhere between $50,000-$56,000 in the coming weeks.
Looking at leading smart contract platform Ethereum, Bennett points out that $3,000 has held support recently. However, he warns that ETH may dip lower before bouncing back.
“So if we do see [ETH] close below [$3,000], there’s a chance that we see it move down into support right around $2,800, maybe $2,900, and then we get that bounce.”
Ethereum is trading for $3,252.36 at time of writing, just north of the $3,000 support zone highlighted by Bennett.
Bennett then looks at payments and decentralized finance blockchain Algorand (ALGO) and notes that it might currently be in a bullish formation, even if the price dips lower.
“We’ve had this channel that’s developed which could be a bullish formation if the market can find support down here around $1.15.
If we get a re-test [of $1.15] towards the end of January, this is going to be a confluence of support, right around $1.15. If we do get a bounce from there, the next resistance is going to come in here around $1.50 to $1.60.”
With Algorand currently trading at $1.31, a drop to $1.15 would represent a 12% dive.
Finally, Bennett looks at enterprise solution blockchain VeChain (VET) and notes that $0.06 has served as VET’s support over the last year.
“If we see VeChain close below $0.07, then keep an eye on $0.06-$0.065.
Because this going to be a must hold for buyers… and could produce a favorable buying opportunity.
I think any rotation into $0.06-$0.065 could produce a healthy bounce.”
VeChain is trading for $0.074 at time of writing, up 3.61% in the last 24 hours.
I
Provjerite akciju cijene
Ne propustite ritam - Pretplatite se da biste dobivali upozorenja o kripto e-pošti koja se dostavljaju direktno u vašu pristiglu poštu
Pratite nas na cvrkut, Facebook i Telegram
Surfajte Daily Hodl Mix
Izjava o odricanju odgovornosti: Mišljenja iznesena u Daily Hodlu nisu savjet o ulaganju. Ulagači trebaju obaviti svoju dužnu opremu prije nego što ulože bilo koja rizična ulaganja u bitcoin, kripto valutu ili digitalnu imovinu. Imajte na umu da su vaši transferi i trgovine na vlastiti rizik, a za sve gubitke koji mogu nastati odgovoran ste. Daily Hodl ne preporučuje kupovinu ili prodaju bilo koje kripto valute ili digitalne imovine, niti je Daily Hodl savjetnik za ulaganje. Imajte na umu da Daily Hodl sudjeluje u affiliate marketingu.
Featured Image: Shutterstock/DanieleGay/Vladimir Sazonov/Nikelser Kate/monkographic
Source: https://dailyhodl.com/2022/01/20/crypto-strategist-justin-bennett-updates-outlook-on-bitcoin-btc-ethereum-eth-and-two-popular-altcoins/