Cryptocurrency analyst Justin Bennett is scrutinizing the decentralized supply chain management platform VeChain (VET), smart contract blockchain leader Ethereum (ETH), oracle protocol Chainlink (LINK) and crypto king, Bitcoin (BTC).
Using VeChain’s past price history as a guide, Bennett suggests the asset may have hit a bottom as he traces a bullish path that – if it plays out – would see the asset increasing by 1,664% by the start of 2022.
“What if? VET. This is obviously highly speculative and mostly just for fun. We all know markets don’t repeat exactly. But it’s an intriguing thought nonetheless, especially with so many 100% convinced that the bull market is over. Time will be the judge.”
As for Ethereum, Bennett says he’s watching to see if the second-largest crypto asset can break through two areas of resistance – the first at $2,354 and the second at $2,612.
If ETH retraces, he believes there are areas of support at $1,996 and $1,863.
“When you combine levels this clean with the daily close as confirmation, trading becomes effortless.”
As for LINK, Bennett is watching out for resistance at around $20.15 and $26.55. On the downside, Bennett sees $15 as support.
“Starting to add to my LINK long here. Will add more at $17.80 if it comes. First entry just above $15 last week.”
The flagship cryptocurrency, Bitcoin, will face a tough battle at $40,600 and then $46,858, according to Bennett. Overall, he’s leaning bullish.
“This is either the start of the second leg of the bull market or a relief rally at the beginning of a bear market. There is no middle ground. I’m still leaning toward the former, but I’m also relying on the chart to tell the story, as always.”
The king coin jumped from $34,007 on Sunday to over $40,000 by Monday and is currently attempting to maintain that $40,000 level that Bennett outlines.