Analyst Justin Bennett sees a possible sharp correction on several large altcoins in the near future.
He told his 67,600 Twitter followers that the native token of the smart contract platform Cardano (ADA) could have a serious retracement.
It is currently trading at $ 2.41 and is down 1% over the past week, according to CoinGecko.
Another look at ADA reveals a rounded top and a recent dip below the ascending parallel channel at $ 2.44. Getting out of this mess will require a breakout and close above $ 2.55. If not, it’s on the way down to $ 2. “
ADA / USDT 4-hour chart | The source: Justin Bennett / Twitter
The analyst also said Polkadot could face similar issues despite the project’s strong week of growth. DOT is trading at $ 36.63 and is up nearly 30% this week.
As Bennett explains:
“I know a lot of people expect the DOT to get higher and higher, and maybe it will. But DOT has done this before and it didn’t end well. I’m not saying it will happen again. Nobody knows the future. Just be careful right now. “
DOT / USDT daily chart | The source: Justin Bennett / Twitter
However, the analyst seems to be more controversial about the native token of the leading smart contract platform Ethereum (ETH).
ETH is trading at $ 3,620 at press time, up about 3% from the previous week.
Trying to understand ETH … this is probably the line of support to watch for right now.
Breaking this line can drop back to $ 3,000. However, a break above this consolidation range could lead to the $ 3,700 zone. “
ETH / USDT 4-hour chart | The source: Justin Bennett / Twitter
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Dailyhodl