A leading crypto analyst says traders are staring down the barrel of a loaded altcoin market, ready to blow.
Crypto trader Justin Bennett tells his 109,600 Twitter followers that the altcoin markets, crypto markets excluding Bitcoin (BTC), are preparing to explode.
“The altcoin market cap chart is coiled for something big in October.”
Bennett tags the leading altcoin by market cap, Ethereum (ETH), as well as once-hot enterprise solution blockchain VeChain (VET) alongside the chart.
ETH is trading for $1,354 at time of writing, up 2% on the day.
VeChain, also up 2% over the last 24 hours at $0.024, is a smart contract blockchain platform for enterprises. It offers a list of services to improve product lifecycle management and data certification. Smart contracts on VeChain move value through VET transactions. was hot during last year’s bear market peak but has fallen off a cliff since, along with most of the altcoin market.
But according to BennettVET may be ready to start a comeback.
“VET is starting to look attractive at this range low combined with the falling wedge since August.
Possible range play for October.”
Hours after he shared the above chart, Bennett shared another, nearly confirming his hypothesis.
“VET is getting real close…”
VeChain is down 91% from its all-time high in mid-April of last year.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/jiang jie feng/Andy Chipus