Renowned analyst Justin Bennett has given an update on his outlook for Cardano (ADA), Litecoin (LTC) and Polkadot (DOT).
Bitcoin has sold out since hitting a local high of just under $ 53,000 in early September, and Bennett expects altcoin prices to drop in the short term as BTC seeks stability.
Starting with Cardano, the strategist told his 70,800 Twitter followers that ADA was facing resistance at $ 2.30 after not being reclaimed last week.
“Do you remember how I discussed the significance of $ 2.30 for $ ADA?
Two weeks ago, ADA closed the weekly candle below $ 2.30.
Buyers attempted to regain levels last week but failed.
That means $ 2.30 remains resistance at the end of the week.
As simple as that.”
Weekly ADA / USDT Chart | The source: Justin Bennett / Twitter
After falling below $ 2.20, the smart contract platform fell more than 5% to $ 2.07 at press time, according to CoinGecko. Bennett said the $ 2.00 level could be the final support before a sell-off in the market.
“ADA broke out of the ascending channel on the 4-hour chart and there is no retesting.
$ 2 remains an important level for the bulls to hold. It can get very bad down there.
ADA / USDT 4-hour chart | The source: Justin Bennett / Twitter
As for Litecoin (LTC), Bennett believes the price could fall another step into the $ 105-108 range if the bulls fail to hold the $ 145 support.
“LTC is re-testing the $ 145 support.
A close of the daily candle below this level opens the door for a decline into the $ 105 zone.
The target of the dominant head-and-shoulders pattern is $ 108. “
LTC / USDT daily chart | The source: Justin Bennett / Twitter
Finally, Bennett offers his analysis of Polkadot (DOT). Last week he speculated that the DOT could fall to $ 12.50 once the dominant head and shoulders pattern is complete.
At the time of writing, DOT is trading at $ 28, according to CoinGecko, just above the $ 26 neckline highlighted by Bennett.
$ DOT Head and shoulders indicate $ 12.50.
Cutout at $ 26. pic.twitter.com/X2GR3VXS7I
– Justin Bennett (@JustinBennettFX) September 24, 2021
You can see the coin prices here.
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According to Dailyhodl