This Saturday, the cryptocurrency market turned sideways as the market cap of the entire cryptocurrency industry remained above $860 billion, bitcoin traded above $19k, and Ethereum managed to hold above $1k.
According to Justin Bennett, a renowned crypto researcher, as long as Bitcoin trades below the $20,000 mark, the two large-cap digital assets will experience significant downside.
pioneer meme coin dogecoin (DOGE), according to Bennett, has broken out of an ascending wedge pattern, indicating a continuation of the bearish trend. Cryptocurrency researchers estimate that DOGE could drop by $0.035, or about 47 percent, from current prices. At the time of writing, Dogecoin is trading at $0.066.
“Retesting from DOGE after the textbook broke the second day. I still think $0.05 and potentially $0.035 are in play.”
Analyst predicts negative retest of lower prices VeChain (VET), a blockchain-based supply chain management system, after VET failed to sustain its breakout from an inverted head and shoulders pattern. At the time of writing, VeChain is trading at $0.022.
“VET failed to reverse head and shoulders at $0.024. It is currently trading below $0.022 on a four-hour basis. We will see where today closes, but below $0.022 is $0.02 and $0.016.”
Bennett estimates that if VET loses the $0.022 range, it will drop 37% to the $0.016 level.
apart from this, solana, One Ethereum rival is on the Analyst’s Radar (SOL). He previously said that a retest of $20 is likely in the coming weeks based on its weekly time frame, considering the SOL has significant resistance near the $37.40 and $39.25 levels.
The SOL broke out of an ascending channel and turned the channel’s diagonal support and resistance on Friday, with Bennett holding firm in his prediction for the Solana. According to the analyst, if the price of SOL falls from its current level to $ 20, then the price of SOL will decrease by 34%.
At the time of writing, Solana is trading at $32.71.