The cryptocurrency market saw glimpses of ‘green’ yesterday after a week of the tumultuous performance. Major cryptos rallied double digits as the market saw an inflow of nearly $70 billion in 24 hours. Bitcoin and Ethereum shot up 8% and 9% respectively while the top two dog-themed cryptos Dogecoin and Shiba Inu jumped double digits.
Among the top 10 coins, Polkadot also displayed good performance but it is shedding its gains today. The rally is now cooling off and the market is headed towards the bear territory yet again.
Crypto analyst Justin Bennett has warned of more downside for Ethereum and Polkadot in the coming weeks. Bennett called this week’s rally “fakeouts” and suggested that a downward spiral is on the cards.
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Ethereum Prediction
Justin Bennett revealed on Twitter that Ethereum could be trading within a descending channel and predicted a further downside. As per Bennett’s chart patterns, Ethereum is headed from its current price of $1,100 straight to nearly $780. The lowest Ethereum dipped last week despite the dramatic crash was $897.
“Fakeouts to one side of a pattern usually trigger extended moves in the opposite direction. ETH is a perfect example. Fakeout above $1,200 on the 15th and breakdown today. $900 and $780 are supports. Ethereum probably visits the latter,” he tweeted.
At press time, Ethereum was trading at $1103 and is down 3.4% in the 24-hours day trade. It is down 77.5% from its all-time high of $4,878, which it reached in November last year.
Read More: Can Bitcoin Crash to $0?
Polkadot Prediction
Polkadot, which connects multiple blockchains into a unified network may have broken down from a symmetrical triangle pattern, claims Bennett. The analyst predicts that Polkadot could fall to $5 from its current levels of $8.
“DOT is coming into resistance in the $7 range. The measured objective from the recent triangle is $5, which hasn’t been met yet,” tweeted Bennett.
DOT had reached an all-time high of $54 in November last year and is down nearly 87% from its ATH.