Bitcoin, ETH, SAND and SOL have been on their radar with veteran analysts such as Filip and Justin Bennett. Cryptocurrency analyst is setting critical levels for next week.
BTC price maintained its momentum over the weekend
Despite the instant high volume sales, Bitcoin is advancing unabated throughout the weekend. On the other hand, it also gave signs that the rally will remain weak going forward. While BTC $30,000 can still be reached, it will likely be a long struggle as we get closer to September. The main driver is the decline in US inflation, which has led to consumers having more disposable income and funds to invest in cryptocurrencies.
The next targets of BTC bulls are at $26,000. This level is very important for high cash flow. Analyst Filip L. says that with the bulls gaining $26,000, the next targets will be $28,695 and $30,000. However, downside risks should not be ignored.
Negative risk suppresses current BTC momentum as dollar strength emerges. The summer rally is almost over. Therefore, attention should be paid to signals such as a break below the 55-day SMA and a test near $19,036 for a break below $20,000. Another analyst, Justin Bennett, points to $24,200 as a critical “or break” turning point for Bitcoin.
Critical level for Bitcoin, according to Justin Bennett
Analyst Justin Bennett updated his analysis as the markets closed the week with a high note. In his latest blog post, Bennett identified $24,200 as a critical region for Bitcoin. According to the analyst, closing above $24,200 will be challenging for Bitcoin. Therefore, a daily close above this level is needed to turn Bitcoin and expose the $25,400 zone.
Still, a close below $24,200 will hold the zone as resistance. If a close is made above the level and then falls below it again, it will signal a false exit. Meanwhile, Bennet says the altcoin market will be at a critical time.
Ethereum (ETH)
According to the analyst, $1,780 is a critical bottom for Ethereum to hold and $2,150 is a possible short-term resistance level. Bennett says that ETH is currently facing some issues at around $1,900. This should come as no surprise as we were informed that sellers will likely defend this level.
For any dips to remain advantageous for the market, Ethereum’s daily closing price must be higher than $1,780. Anything below this level will be the start of a significant pullback. In Bennett’s words:
If ETH can rise above $1,910 on a daily close basis, the next stop will be $2,150.
Left (LEFT)
Bennett also takes a look at Solana’s chart. If its ETH rival climbs higher, it predicts some turbulent price action. The analyst also points out that $40 is an important support level. Targets are $47.50, $53 and $60 on the upside and $32 and $26 on the downside. The $40 zone should be reserved for the SOL. Bennett says of the analysis:
Watch out for Solana. Due to the falling trendline from the end of last year and the rising line from the June low, a sizable triangle has formed. Considering that the market has been curling for over two months, I predict the upcoming breakout.
Sandbox
He concludes his review of cryptocurrencies by evaluating The Sandbox, the virtual environment built on the Ethereum platform. The Metaverse game is at a very important crossroads right now. However, the expert warns that if SAND rises above $1.50, it will be mixed with intense selling pressure. A move higher will direct the bulls towards $1.50. On the other hand, a break lower will target levels like $1.30 or possibly $1.00.
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