Crypto market analyst Justin Bennett is giving an update on his outlook for Cardano (ADA), Litecoin (LTC), and Polkadot (DOT).
Bitcoin has been selling off gradually since topping out just under $53,000 in early September. Bennett expects lower altcoin prices in the short term as BTC looks for stability.
Starting with Cardano, the strategist tells his 70,800 Twitter followers that ADA is facing resistance at $2.30 after failing to reclaim that 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.”
After breaking down below $2.20, the smart contract platform has fallen more than 5% to $2.07 at time of writing, according to CoinGecko. Bennett says the $2.00 price tag could be the last line of support before seeing a further breakdown.
“$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.
As for Litecoin (LTC), Bennett expects another leg down to the $105 to $108 range if bulls can’t hold the line at $145.
“$LTC is about to test $145 support again.
A daily close below that opens up the $105 area.
MO of the head and shoulders is $108.”
Finally, Bennett gives his analysis on Polkadot (DOT). Last week, he speculated that DOT could head back down towards $12.50 if the head and shoulder pattern on short-term time frames plays out.
At time of writing, DOT is trading at $26.82, according to CoinGecko, just above the $26 neckline Bennett pointed out.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Notice where $DOT bounced over the weekend. No surprise there.
Looks to be coming in for another retest.
— Justin Bennett (@JustinBennettFX) September 27, 2021
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/iurii