The majority of major cryptocurrencies are trading in the green. The market capitalization of all cryptocurrencies is at $1.9 trillion, up 3.69 percent in the last 24 hours. The entire cryptocurrency market volume over the last 24 hours has decreased by 0.07 percent to $91.84 billion.
Since peaking at just about $53,000 in early September, bitcoin has been steadily declining. In the immediate term, Bennett expects lower altcoin values as BTC seeks stability.
Starting with Cardano, the analyst informs his 70,800 Twitter followers that the cryptocurrency is seeing resistance at $2.30, after failing to retake the level last week.
He recalls talking about the significance of $2.30 for $ADA. He points out that a weekly close below $2.30 two weeks ago was important However, Last week, buyers attempted but failed to regain the level.
Hence he says, On a weekly ending basis, this indicates $2.30 remains resistance.
According to CoinGecko, the smart contract platform has dropped more than 5% to $2.07 at the time of writing, after falling below $2.20. Bennett believes the $2.00 price tag is the last line of defense before the market collapses.
“$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.”
If bulls can’t maintain the line around $145, Bennett expects another leg down to the $105 to $108 level for Litecoin (LTC).
He says, $LTC is set to test $145 support for the second time. If the daily close falls below that, the $105 area becomes available. The head and shoulders MO costs $108 he adds.
Bennett concludes by discussing Polkadot (DOT). He predicted last week that DOT might drop below $12.50 if the head and shoulder pattern on short-term time frames plays out. At the time of writing, DOT is trading at $28.38 up by 3.4% in the last 24 hours.