A cryptocurrency analyst is “bearing” his predictions for ADA, XRP, and BNB as the altcoin market shows signs of vulnerability. In a recent video update, Nicholas Merten, the host of DataDash, warned about the potential for several altcoins to experience a massive market correction; what’s the matter is the culprit liquidity due to micro factors running the crypto show? Delve in to know the analyst’s take on the price action of your favorite altcoin in the coming week.
BNB, Middling with Lower Support Levels
Nicholas Merten’s analysis suggests that Binance Coin (BNB) could face a significant decline, potentially exceeding 38% of its current value. This projection transpired because BNB recently slipped below two critical long-term support levels. Over the past few months, BNB has been on a downward trajectory, failing to surpass $350 in 2023. This led to a sharp reversal, dropping the price to around $200. This pattern is visually represented as a falling wedge on the one-day chart.
All this adds to one scenario, which prompts a challenge to the support trendline of the falling wedge pattern. Currently, BNB is trading at $211.25, showing a 1.4% increase in the past 24 hours.
XRP May Face a Short-Term Downtrend
For XRP Price, Nicolas sees short-term pressure and expects a possibility of a 70% drop due to a substantial sell-off. Recent technical indicators suggest a “death cross” between the 50 and 200 Moving Averages (MAs) on the weekly charts, signaling potential short-term bearish sentiment. Herein, he advises caution for potential XRP investors and recommends waiting for a support level test at $0.15 before considering it a speculative asset. Currently, XRP is trading at $0.50, showing a slight 0.4% increase in the last 24 hours.
Cardano (ADA) Price May Drop to 37%
Last but not least on his list is Cardano (ADA); Merten predicts a drop of more than 37% from its current value. Despite some optimism surrounding the formation of a potential triple-bottom pattern, analyst highlights consistent resistance and weakening relative highs over time, indicating a potential decline to $0.15.
In a similar situation, Ethereum (ETH) is facing rejection, as it has been locked in a bearish cycle since April 2023, struggling to maintain support above $2,000. Currently trading at $1,588, ETH has found stability around $1,425 after grappling with the $1,500 mark.
The analysts projected a brief downturn in September, but adoption will occur in October if all goes according to plan.
