Widely followed analyst Justin Bennett is weighing in on several top crypto assets as the markets finish the week on a high note.
In the latest edition of the trader’s Cryptocademy newsletter, Bennett identifies $24,200 as being a crucial make-or-break level for Bitcoin (BTC).
“Bitcoin is struggling to close above the $24,200 area that I’ve mentioned over the past couple of weeks. It’s going to take a daily close above that to flip it to support and expose the $25,400 area.
Alternatively, a close below $24,200 would keep it intact as resistance. Furthermore, a close above and then back below the level would result in a fakeout.”
At time of writing, Bitcoin is trading at $24,522 but remains up over 5% from a week ago.
Bennett next identifies a narrow range in which leading smart contract platform Ethereum (ETH) might swing, with $1,780 as an important low to maintain and $2,150 a potential short-term high.
“ETH is struggling a bit today at the $1,900 area. That’s not a surprise given that we knew sellers were likely to defend that level.
Any pullback from Ethereum needs to stay above $1,780 on a daily closing basis for the market to remain constructive. Anything below that and we could see a larger retracement begin.
If ETH can get above $1,910 on a daily closing basis, the next stop would be $2,150.”
Ethereum continues to surge as ETH is currently trading for $1,962.
Bennett also examines layer-1 protocol Solana (SOL). He expects some choppy price action if the ETH competitor makes a move to the upside, noting that $40 is an important level of support.
“SOL is one to watch. There’s a decently large triangle that’s developed due to the descending trend line from late last year and the ascending line from the June low.
I’d expect the upcoming breakout to be quite volatile given that the market has been coiling for nearly two months.
Downside targets include $32 and $26, while upside targets are $47.50, $53, and $60. The $40 area is a must-hold level for SOL.”
Solana continues the trend of positive market momentum changing hands for $47.19.
Bennett concludes his crypto analysis by assessing Ethereum-based virtual world The Sandbox (SAND). The analyst observes that while the metaverse game is at an important crossroads, the altcoin could see significant sell-side pressure if the price tops $1.50.
“SAND is still consolidating inside of the pattern I mentioned a week ago. However, the market is running out of room and will be forced to make a decision in the next few days.
A break higher would open up the $1.50 area, while a break lower would target levels like $1.30 or even $1.00.
Just be careful if we do get a break higher as the trend line from November at $1.50 is likely to attract a ton of sellers.”
The Sandbox has experienced a rocky week of trading, currently trading for $1.36.
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