Justin Bennett, a prominent cryptocurrency analyst and trader, updates his prospect of three altcoins: Cardano (ADA), Litecoin (LTC), and Polkadot (DOT).
Since Bitcoin topping out just below $53,000 in early September, it has been gradually gone down to its current price of $42,844. Bennett predicts altcoins to trade for lower prices in the short term until BTC stabilizes.
$2.00 Last Line of Support for Cardano (ADA)
The analyst shares with his 71K followers on Twitter that Cardano’s native token ADA is facing resistance at $2.30 after being unsuccessful to reclaim the level last week.
“Remember how I’ve discussed the significance of $2.30 for $ADA?
Two weeks ago, we got a weekly close below $2.30.
Buyers tried to reclaim the level last week but ultimately failed.
That means $2.30 is still resistance on a weekly closing basis.
It’s that simple.”
Remember how I've discussed the significance of $2.30 for $ADA?
Two weeks ago, we got a weekly close below $2.30.
Buyers tried to reclaim the level last week but ultimately failed.
That means $2.30 is still resistance on a weekly closing basis.
Since ADA’s price fell below $2.20, it has gone down to $2.12 at time of writing, according to CoinGecko. According to the trader, the $2.00 level could be the last line of support before “things probably get ugly”.
“$ADA, potential breakdown of the 4-hour channel I mentioned over the weekend. No retest yet.
$2 is still the must hold level for bulls. Below that, and things probably get ugly.
$ADA, potential breakdown of the 4-hour channel I mentioned over the weekend. No retest yet.
Last week, Bennett looked in to Polkadot (DOT), and predicted that DOT could head back down towards $12.50 assuming that the head and shoulder pattern on short-term time frames happens.
At time of writing, DOT is trading at $28.21, according to CoinGecko, above the $26 neckline the trader referred to.
Notice where $DOT bounced over the weekend. No surprise there.
