Crypto Analyst Justin Bennett Looks Into What’s Next For BTC, ETH, CRO And VET
A top crypto market analyst and trader Justin Bennett looks into Bitcoin (BTC), Ethereum (ETH), Crypto.com coin (CRO) and VeChain (VET), and project where the four digital assets are heading in the near term.
Bitcoin (BTC)
Bennett kicks off with the leading digital asset, Bitcoin, and identifies the immediate resistance level BTC will see is at $45,600, assuming the price will keep rising from the current levels.
If Bitcoin manage to flip $45,600 as support, a climb to $50,000 would be in the books for Bitcoin, says the analyst.
There is even a “more bullish scenario,” where Bitcoin could soar 35% from current levels later in the year to go above $60,000.
“If we were to see Bitcoin get above $45,600, test $53,000 or even $50,000 up here then that could very well set up an inverse head and shoulders where we get a move up above $60,000 later this year.”
Bennett says he remains bullish on Bitcoin as long as the price stays “above that $40,000 to $42,000 area.”
At the time of writing, Bitcoin is trading at $42,996.
Ethereum (ETH)
Next up is the second largest crypto asset by market cap, Ethereum, which the analyst says will meet resistance at around $3,170, and again at around $3,600, should ETH keep climbing.
“Any rotation into $3,170 should trigger a bounce, it should attract buyers. Now the next resistance area to watch for Ethereum is going to be right around $3,600.”
To confirm a bullish trend, Ethereum would have to close above the $4K price on the weekly chart, says Bennett
“Now $4,000 is going to be the big test for Ethereum…
It’s going to have to get back above this area [$4K] in order to turn bullish again.”
At the time of writing, Ethereum is trading at $3,307.
Crypto.com Coin (CRO)
Moving on to smaller digital assets, Bennett looks next into CRO, the native token of the Crypto.com – a trading and financial services company.
According to Bennett, in order to CRO to turn bullish in the short term, it must rise above the $0.50 resistance level on the daily chart.
“So CRO has to get back above $0.50. So this creates a confluence of resistance right between maybe $0.50 and $0.53 to where CRO has to get back above this on a daily closing basis to flip it back to support and also expose $0.65.
So $0.65 would be the next resistance level above that $0.50 to $0.53 area…
The market has to get above $0.50 to $0.53 to turn bullish again up towards $0.65.
If we do see a rotation lower from this area (~$0.48), keep an eye on that $0.40 support.”
At the time of writing, CRO is trading at $0.4593
VeChain (VET)
The last digital asset on Bennett’s list is VET, the native token of VeChain, an enterprise supply chain management blockchain.
VET is in a position to potentially rally to $0.12, however, dropping below $0.065 could mean the beginning of a bearish trend.
“VET still has to get back above this area right around $0.088. Now if it were to close above this [$0.088], there’s a chance we could see a move up here toward $0.10, that’s going to be the next key level…
Above this area right around $0.09 we probably see $0.10. Above that is the region just above $0.12…
The must-hold for VET is going to be right around $0.06 to $0.065. We want to see that area hold out on a daily and weekly closing basis. Anything below this ($0.06), things could get ugly.”
At the time of writing, VET is trading at $0.07825
