Widely followed analyst Justin Bennett is weighing in on several top crypto assets as the markets end the week on a high.
In the latest edition of the trader’s Cryptokadami newsletter, Bennett stated that $24,200 is a critical make-or-break level for Bitcoin (BTC).
“Bitcoin has been struggling to close above the $24,200 I mentioned for the past two weeks. It will close daily above that to support it and expose the $25,400 area.
Alternatively, a close below $24,200 would keep it as resistance. Moreover, returning below the threshold after approximation will result in false positives.
At the time of writing, Bitcoin is trading at $24,522, up more than 5% from a week ago.
Bennett then identifies a narrow range in which smart contract platform Ethereum (ETH) will swing, with $1,780 a necessary low to protect and $2,150 a potential short-term high.
“ETH is struggling a bit today around $1,900. Not surprisingly, we know that sellers can defend that level.
Any pullback from Ethereum must stay above $1,780 on the daily close for the market to remain bullish. Anything below that and we could see an even bigger reset.
If ETH can get above $1,910 at the daily close, the next stop will be $2,150.
As ETH is currently trading at $1,962, Ethereum continues to rise.
Bennett also examines the Solana (SOL) layer-1 protocol. Expect some price action if the ETH competitor moves higher, noting that $40 is an important support level.
« SOL is one to watch. There is a nice big triangle formed by the downtrend line from late last year and the uptrend line from the June low.
As the market has been circling for a couple of months, I expect the upcoming rally to be very volatile.
Low targets include $32 and $26, while upside targets are $47.50, $53 and $60. The $40 area is a must-hold level for SOL.
Solana continues its positive market momentum change trend at $47.19.
Bennett concludes his crypto analysis by reviewing The Sandbox (SAND), an Ethereum-based virtual world. The analyst noted that while the Metaverse game is at an important crossroads, the altcoin could see significant sell-side pressure if its price rises above $1.50.
“The SAND is still consolidating in the pattern I mentioned a week ago. But the market is running out of space and will be forced to make a decision in the next few days.
A break higher would open the $1.50 area, while a break lower would target levels like $1.30 or even $1.00.
The $1.50 trend line from November could attract more sellers, so be careful if we make a break higher.
Sandbox has experienced a rocky week of trading, trading at $1.36.
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