Ethereum (ETH), Polkadot (DOT), and Chainlink (LINK) have not yet completed their correction, according to the expert

Analyst Justin Bennett warned of possible drop in  the rates of three altcoins

22.06.2022 - 13:15


3 min

What’s new? Cryptocurrency trader and analyst Justin Bennett has shared his prediction on the price movements of the three altcoins. He expects the rates of Ethereum (ETH), Polkadot (DOT), and Chainlink (LINK) to fall. According to the expert, these assets have not yet completed their correction. Bennett covered in detail the prospects for the coins on his Twitter account.

Analyst about ETH. Bennett reported that ETH may be trading within a descending channel, which suggests a further rate decline. In this, a false breakout usually causes a prolonged price move in the opposite direction, and ETH is a good example of this, the expert added. He mentioned fakeout above the $1200 level on June 15 and the subsequent drop of the asset’s rate. The expert called $900 and $780 as support levels for ETH and noted that the asset is likely to test the latter.

As of June 22, 13:15 UCT, the second most capitalized cryptocurrency is trading at $1083, having lost 5,61% in price per day, according to the Binance exchange.

Analyst about DOT. According to Bennett, the price of the native token of the Polkadot (DOT) decentralized blockchain has broken out of a symmetrical triangle pattern it formed earlier and could continue its decline to the $5 mark. The expert believes the altcoin will face resistance at $7.

DOT is trading at $7,55, down by 5,8% over the last 24 hours.

Analyst about LINK. Bennett believes that the token of the Chainlink (LINK) decentralized oracle network is poised for a new fall after breaking its diagonal support on the four-hour timeframe. On June 18, the altcoin did not reach the $4,6 mark predicted by the analyst.

LINK is trading at $6,78, with the asset’s rate down by 7,03% per day.

On June 11, crypto analyst Michaël van de Poppe revealed that the token price of the decentralized asset trading platform (FET), could rise 2 to 3 times amid growing volatility in the digital assets market.

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