A prominent crypto market analyst, Justin Bennett, looks into Bitcoin (BTC) and Ethereum (ETH), and projects a bounce back. He also draws support levels for Algorand (ALGO) and VeChain (VET).
Bitcoin (BTC)
Bennett predicts a sizable up tick for Bitcoin, based on historical price movement.
“I would expect, at some point over the coming weeks, at least a 20-30% bounce from BTC.”
At the time of writing, Bitcoin has dipped down to $40,700, and is down 2.6% on the daily chart.
Ethereum (ETH)
The analyst also looks into the leading smart contract platform Ethereum, and notes that $3K has held support recently. Despite that, Bennett cautions that ETH could fell below $3K before bouncing back.
“So if we do see close below, there’s a chance that we see it move down into support right around $2,800, maybe $2,900, and then we get that bounce.”
At the time of writing, ETH is trading at $2,996, just below the $3K support zone.
Algorand (ALGO)
Next on the trader’s list is payments and decentralized finance blockchain Algorand (ALGO), which according to Bennett could be in a bullish formation, even if the price falls to lower levels.
“We’ve had this channel that’s developed which could be a bullish formation if the market can find support down here around $1.15.
If we get a re-test towards the end of January, this is going to be a confluence of support, right around $1.15. If we do get a bounce from there, the next resistance is going to come in here around $1.50 to $1.60.”
At the time of writing, ALGO is trading at $1.17, just above the $1.15 support level.
VeChain (VET)
Last asset on the list is enterprise solution blockchain VeChain (VET). Bennett points out that $0.06 has held as VET’s support level over the last 12 months or so.
“If we see VeChain close below $0.07, then keep an eye on $0.06-$0.065.
Because this going to be a must hold for buyers… and could produce a favorable buying opportunity.
I think any rotation into $0.06-$0.065 could produce a healthy bounce.”
VeChain is currently trading at $0.0676 at time of writing, again above the $0.065 support level
