This Saturday, cryptocurrency markets remained sideways as the market cap of the entire cryptocurrency industry remained above $860 billion, Bitcoin traded above $19k, and Ethereum managed to hold above $1k.
According to a well-known crypto researcher Justin Bennett, as long as Bitcoin trades below the $20,000 mark, two large-cap digital assets will experience significant declines.
Leading meme coin Dogecoin (DOGE), according to Bennett, has broken down from a rising wedge pattern, which denotes the continuation of the slump. The crypto researcher forecasts that DOGE might go as low as $0.035, or almost 47 percent, below current values. At the time of writing Dogecoin is trading at $0.066.
“Textbook retest from DOGE following the breakdown the other day. I still think $0.05 and potentially even $0.035 are in play.”
The analyst predicts a negative retest of lower prices for VeChain (VET), a blockchain-based supply chain management system, after VET failed to sustain its breakout from an inverse head and shoulders pattern. At the time of writing VeChain is trading at $0.022.
“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.”
Bennett estimates that if VET loses the $0.022 range, it will fall by 37% to the $0.016 level.
Additionally, Solana, an Ethereum rival, is on the analyst’s radar (SOL). He earlier stated that given SOL’s critical resistance levels around $37.40 and $39.25, a retest of $20 “ooks likely to occur in the ensuing weeks based on its weekly timeframe.
After SOL broke down from an ascending channel and turned the channel’s diagonal support and resistance on Friday, Bennett remained steadfast in his prediction for Solana. SOL’s price would be slashed by 34% if it fell to $20 from its current level, according to the analyst.
At the time of writing, Solana is trading at $32.71.