hit counter

Here’s what’s next for Bitcoin, Ethereum, Solana, and One Gaming Altcoin, according to Top Crypto Trader

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.”

Source: Justin Bennett/Cryptocademy

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.”

Source: Justin Bennett/Cryptocademy

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.”

Source: Justin Bennett/Cryptocademy

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.”

Source: Justin Bennett/Cryptocademy

The Sandbox has had a difficult week of trading and is currently trading at $1.36.

Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox

Check the price action

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix

Check the latest headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: StableDiffusion

Leave a Comment