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Is Cardano Correlated With This Altcoin? Analyst Justin Bennett Looks at Under-the-Radar ADA Connection

Is Cardano Correlated With This Altcoin? Analyst Justin Bennett Looks at Under-the-Radar ADA Connection


Crypto analyst Justin Bennett says he sees a close correlation between Cardano (ADA) and one under-the-radar altcoin.

The closely followed analyst tells his 65,000 followers that for some time now, moves in Cardano are usually followed by similar price action in enterprise blockchain platform VeChain (VET).

 

“Nothing against $ADA, but sometime soon, we’re going to see capital flow out of ADA and into $VET.

That’s how it’s worked from day one. No reason to think otherwise.”

Source: Justin Bennett/Twitter

At time of writing, VET is up about 11.8% since Bennett tweeted the above chart, and 58% in the last 30 days according to CoinGecko. Bennett says crypto investors can expect VeChain to stay strong relative to Cardano in the coming weeks.

“And just like that, $VET is curling up, and $ADA is curling down like clockwork.

Expect VET to outperform over the next few weeks.”

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Source: Justin Bennett/Twitter

Aside from VET, the analyst is also eyeing up leading meme crypto Dogecoin (DOGE). Bennett offers four main reasons why he remains optimistic about DOGE.

“Why am I bullish on $DOGE?

• Higher highs/lows since July
• Terminal pattern to work with
• Clear invalidation point
• Extremely favorable risk/reward

This doesn’t mean the trade WILL work, but these are the kind of technicals I look for.”

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Source: Justin Bennett/Twitter

The technical analyst says DOGE appears to have broken out of a small downtrend and is poised to continue higher, potentially to $0.40, or about a 40% rally.

“$DOGE breakout from the smaller trend line confirmed on the 4-hour chart.

Still long from yesterday. Looking for a close above 0.30 for a move to 0.35 and potentially 0.40.”

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Source: Justin Bennett/Twitter

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Featured Image: Shutterstock/Mia Stendal

 





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