Prominent crypto analyst and trader Justin Bennett says he’s keeping an eye on Dogecoin (DOGE), Binance Coin (BNB) and Polkadot (DOT) as the crypto markets flash signs of overextension.
Bennett unveils to his 63,900 Twitter followers the possible short-term bullish and bearish scenarios for the meme crypto DOGE as it forms a symmetrical triangle in the short-term timeframe.
“DOGE is starting to look interesting again.
If this breaks down, I might look to buy at $0.26 again, provided there’s some [price action] confirmation. Break up would target $0.40.”
The crypto trader is also looking at Binance Coin, the utility token of crypto exchange Binance, which he says must stay above a key resistance level to have a shot at hitting his price target.
“BNB so far, so good. Working on $480. Get through that, and $530 is next.”
As for interoperable blockchain Polkadot, Bennett says that DOT must take out its immediate resistance to open up the possibility of igniting a 56% rally from its current price of $25.
“DOT is starting to look interesting with that close above $27.40. Get above $29, and $39 could be next. Something to keep an eye on.”
The crypto trader adds that he’s watching the price action of supply chain management platform VeChain (VET). According to Bennett, VET is gearing up to breach the diagonal resistance that has kept the crypto asset bearish since May.
“Are you ready?”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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/GrandeDuc
Credit: Source link
