Analyst Justin Bennett warns of possible decline in the rates of two altcoins

The expert predicted a correction for Dogecoin (DOGE) and VeChain (VET)

04.07.2022 - 12:30

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2 min

What’s new? Crypto analyst and trader Justin Bennett has warned of a possible decline in the value of altcoins such as Dogecoin (DOGE) and VeChain (VET). In his view, the tokens will see a correction amid the bitcoin price falling below $20 000. He wrote this on Twitter.

Analyst about DOGE. According to Bennett, the asset has broken out of the ascending wedge pattern formed earlier on the price chart, dropping lower, indicating the resumption of the downtrend. He believes the meme cryptocurrency could hit a low of $0,035, which is about 47% below current prices.

As of July 4, 12:40 UTC, DOGE is trading at $0,067, having gained 3,21% per day, according to Binance.

Textbook retest from $DOGE following the breakdown the other day.I still think 0.05 and potentially even 0.035 are in play. https://t.co/mL50rw9VFC pic.twitter.com/PMr5dmfLhC— Justin Bennett (@JustinBennettFX) June 30, 2022

Analyst about VET. He noted that the asset failed to hold its breakout to the $0,024-$0,027 range after forming an inverse head and shoulders pattern. As such, the analyst expects a retest of lower prices. According to him, the token of the blockchain-based supply chain management system VeChain could fall by 37% to $0,016 if it fails to hold at $0,022.

VET is trading at $0,022, having gained 3,49% per day.

$VET inverse head and shoulders failed at 0.024. Currently trading below 0.022 on a 4h basis. We'll see where today closes, but below 0.022 is 0.02 and 0.016. #VET #VeChain #VeFam pic.twitter.com/SoTlJQ26kl— Justin Bennett (@JustinBennettFX) June 30, 2022

Earlier, Justin Bennett warned of a possible decline in the value of three assets amid the falling market. He singled out bitcoin (BTC), Solana (SOL), and Ethereum (ETH).

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