Bitcoin price started the day in the green, rising 2.87 percent to $48,355 at the time of writing. BTC is likely to consolidate, providing Altcoins with the ideal opportunity to rise. The worldwide crypto market capitalization is now $2.18 trillion, up to three percent from the previous day.
Analyst Justin Bennett Hints Altcoin Corrections !
According to crypto analyst Justin Bennett, Further market corrections for altcoins are expected.
Cardano’s native asset, ADA price is trading at $2.48 at the time of writing, up 4.4% in the last 24 hours. According to Bennett, a closer look at ADA reveals a rounded top and a recent $2.44 channel break. To get out of this predicament, it needs to close over $2.55. Otherwise, it’s headed for $2.
Despite the project’s excellent week, the analyst believes Polkadot, an interoperable blockchain technology, may encounter similar challenges. Polkadot’s native asset, DOT, is currently trading at $37.63, up over 35% for the week.
The analyst says that he knows a lot of people are expecting DOT to keep rising, and perhaps it will. However, we’ve seen this before, and it didn’t work out. I don’t think it’ll happen again. Nobody knows what will happen in the future. He also warns by saying “Just be careful out there”.
However, Bennett is unsure about the native asset of Ethereum (ETH), the most popular smart contract platform at the time of writing, ETH is trading at $3,428.89, almost exactly the same as it was a week ago.
Trying to figure out what ETH is all about. This is most likely THE support level to keep an eye on right now. If we break that, we’ll almost certainly see $3,000 again. Breaking higher out of current consolidation suggests a new run to $3,550–$3,700.