As the markets close off the week on a high note, analyst Justin Bennett is giving his opinion on a number of leading crypto assets. Bennett identified $24,200 as a pivotal “make-or-break” milestone for Bitcoin in the most recent issue of the trader’s Cryptocademy newsletter.
He claims that Bitcoin is having trouble closing above the $24,200 range and that a daily close above that level is necessary to turn it around and expose the $25,400 area.
In contrast, a close under $24,200 would maintain it as resistance. A fakeout would also occur if a close was made above the level and subsequently back below it.
Ethereum
Bennett then pinpoints a constrained range in which the popular smart contract platform Ethereum (ETH) may fluctuate, with $1,780 serving as a crucial low to hold and $2,150 as a probable near-term high.
According to Bennett, ETH is having some difficulties at around $1,900 right now. Given that we were aware that sellers will probably defend that level, this is hardly a surprise.
The daily closing price of Ethereum must remain above $1,780 for any decline to remain positive for the market. Anything below there could signal the start of a major retracement.
“If ETH can get above $1,910 on a daily closing basis, the next stop would be $2,150.”
Solana
Bennett also looks into Solana’s layer-1 protocol (SOL). If the ETH rival moves upward, he expects some choppy price activity, pointing out that $40 is a crucial level of support. Targets on the upside are $47.50, $53, and $60, while targets on the downside are $32 and $26. For SOL, the $40 region must be held.
“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.”
SAND
He then evaluates the Ethereum-based virtual world The Sandbox to round off his analysis of cryptocurrencies.The expert notes that even if the metaverse game is at a crucial turning point, the altcoin may experience heavy selling pressure if the price rises above $1.50. A break lower would aim for levels like $1.30 or even $1.00, while a break higher would open up the $1.50 range.
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Source: https://coinpedia.org/altcoin/heres-how-bitcoin-ethereum-solana-and-sand-price-will-perform-in-coming-week/