Well-regarded analyst Justin Bennett weighs in several top crypto assets as markets end the week on a high note.
In the latest issue 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 that I have been mentioning for the past few weeks. It will take a daily close above to flip it to support and clear the $25,400 area.
Alternatively, a close below $24,200 would keep it intact as resistance. Additionally, closing above and then below again would result in a fakeout.”
At the time of writing, Bitcoin is trading at $24,522 but remains up over 5% from the previous week.
Next, Bennett identifies a tight range in which the leading smart contract platform Ethereum (ETH) could oscillate, with $1,780 a key low to hold and $2,150 a potential short-term high.
“ETH is struggling a bit in the $1,900 area today. This is not a surprise as we knew sellers were likely to defend this level.
Any Ethereum pullback must remain above $1,780 on a daily close basis for the market to remain constructive. Anything below that and we could see a major retracement beginning.
If ETH can scale above $1,910 on a daily close basis, the next stop would be $2,150.”
Ethereum continues to rise as ETH is currently trading at $1,962.
Bennett also examines the Solana (SOL) layer 1 protocol. He expects a choppy price action if the ETH competitor makes a move higher and notes that $40 is a key support level.
“You have to keep an eye on SOL. There is a decent sized triangle that has formed due to the descending trendline from the end of last year and the ascending line from the June low.
I would expect the upcoming breakout to be quite volatile as the market has been squirming for almost two months.
The down targets include $32 and $26 while the up targets are $47.50, $53 and $60. The $40 range is a must for SOL.”
Solana continues the trend of positive market momentum changing hands at $47.19.
Bennett concludes his cryptanalysis by evaluating the Ethereum-based virtual world The Sandbox (SAND). The analyst notes that while the Metaverse game is at an important crossroads, the altcoin could experience significant selling pressure if the price surpasses $1.50.
“SAND is still consolidating within the pattern I mentioned a week ago. However, the market is running out of room and will have to make a decision in the next few days.
A break to the upside would open the $1.50 area, while a break down would target levels like $1.30 or even $1.00.
Just be careful if we manage a break to the upside as the November trendline at $1.50 is likely to attract a lot of sellers.”
The Sandbox has had a difficult week of trading and is currently trading at $1.36.
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