A leading crypto analyst says traders are staring down the barrel of a loaded altcoin market, ready to blow.
Crypto trader Justin Bennett tells his 109,600 Twitter followers that the altcoin markets, crypto markets excluding Bitcoin (BTC), are preparing to explode.
“The altcoin market cap chart is coiled for something big in October.”
Bennett tags the leading altcoin by market cap, Ethereum (ETH), as well as once-hot enterprise solution blockchain VeChain (VET) alongside the chart.
ETH is trading for $1,354 at time of writing, up 2% on the day.
VeChain, also up 2% over the last 24 hours at $0.024, is a smart contract blockchain platform for enterprises. It offers a list of services to improve product lifecycle management and data certification. Smart contracts on VeChain move value through VET transactions. The altcoin was hot during last year’s bear market peak but has fallen off a cliff since, along with most of the altcoin market.
But according to Bennett, VET may be ready to start a comeback.
“VET is starting to look attractive at this range low combined with the falling wedge since August.
Possible range play for October.”
Hours after he shared the above chart, Bennett shared another, nearly confirming his hypothesis.
“VET is getting real close…”
VeChain is down 91% from its all-time high in mid-April of last year.
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Featured Image: Shutterstock/jiang jie feng/Andy Chipus
