Closely followed crypto analyst Justin Bennett says that sizable downward moves are coming for two large-cap digital assets as Bitcoin trades below the $20,000 level.
Bennett tells his 101,000 Twitter followers that leading memecoin Dogecoin (DOGE) has broken down from a rising wedge pattern, which indicates the resumption of the downtrend.
According to the crypto analyst, DOGE could reach as low as $0.035, which is roughly 47% below current prices.
“Textbook retest from DOGE following the breakdown the other day.
I still think $0.05 and potentially even $0.035 are in play.”
At time of writing, DOGE is changing hands for $0.66.
Looking at blockchain-based supply chain management system VeChain (VET), the analyst says that after VET failed to sustain its breakout from an inverse head and shoulders pattern, a bearish retest of lower prices is in the cards.
According to Bennett, a 37% plunge to the $0.016 level is in play for VET if it loses the $0.022 range.
“VET inverse head and shoulders failed at $0.024.
Currently trading below $0.022 on a four-hour basis basis.
We’ll see where today closes, but below $0.022 is $0.02 and $0.016.“
VET is trading at $0.022 at time of writing.
The analyst also has his radar locked on Ethereum rival Solana (SOL). He previously said that based on its weekly timeframe, a retest of $20 “seems likely” in the coming weeks with SOL’s key resistance levels sitting at $37.40 and $39.25.
Bennett doubled down on his Solana call on Friday after SOL broke down from an ascending channel and converted the channel’s diagonal support into resistance. A drop to $20 would represent a 34% haircut for SOL from current prices.
“SOL with a bearish retest of the channel I discussed on the 29th.
I still think it wants $20 before any significant bounce.”
At time of writing, SOL is swapping hands at $32.96.
Check Price ActionDon'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/Almujaddidi
The post Steep Corrections Incoming for Dogecoin (DOGE) and VeChain (VET), According to Analyst Justin Bennett appeared first on The Daily Hodl.
source https://dailyhodl.com/2022/07/03/steep-corrections-incoming-for-dogecoin-doge-and-vechain-vet-according-to-analyst-justin-bennett/