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Crypto analyst Justin Bennett sees further market corrections for altcoins on the horizon.
The popular trader tells his 67,600 Twitter followers that the native asset of the smart contract blockchain Cardano (ADA) could be in for a serious pullback.
Cardano’s native asset ADA is trading at $2.39 at time of writing and is down 5% in the past week, according to CoinGecko.
Bennett says,
“Another look at ADA shows a rounded top and a recent channel break at $2.44. Needs to close above $2.55 to get itself out of this mess. Otherwise, it’s on its way to $2.”
Source: Justin Bennett / Twitter
The analyst also says the interoperable blockchain platform Polkadot could face similar issues, despite the project’s strong week. Polkadot’s native asset DOT is trading at $37.63 and is up nearly 35% on the week.
As Bennett explains,
“I know a lot of people are expecting DOT to continue higher, and maybe it will. But we’ve seen this before, and it didn’t end well. I’m not saying it will happen again. Nobody knows the future. Just be careful out there.”
Source: Justin Bennett / Twitter
The analyst seems more ambivalent about the native asset of the top smart contract platform Ethereum (ETH), however.
ETH is trading at $3,428.89 at time of writing and is priced nearly exactly what it was one week ago.
“Trying to make sense of ETH… This is probably THE support level to watch right now.
Break that, and we likely see $3,000 again. Break higher out of this consolidation, and another run at $3,550 – $3,700 seems likely.”
Source: Justin Bennett / Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/chanchai howharn
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