Analyst Nicholas Merten made an important warning about the future of the cryptocurrency market, saying that decreasing market liquidity could push important cryptocurrencies such as Cardano (ADA), XRP and Binance Coin (BNB) to lower levels. Merten’s analysis attracted the attention of altcoin investors and made market players nervous.
DataDash host Nicholas Merten first made a prediction about BNB. According to Nicholas Merten, the possibility of Binance Coin (BNB) falling below two long-term support levels appears to be a major concern. This decline could lead to a loss of more than 38% from BNB’s current value.
Another altcoin on Merten’s radar is the XRP token associated with Ripple Lab’s payment platform. The analyst claimed that XRP has a 70% crash potential:
“I think this will go down in history as one of the biggest distribution models in crypto history…
Price action shows this here. (…) Come here and use this support line [0,15 dolar seviyesinde] “I wouldn’t be excited about buying something like XRP, even as a speculative asset, until I test it.”
Additionally, the trader predicts that Ethereum (ETH) rival Cardano will drop more than 37% from its current value after the triple bottom price model fails to form.
“Look at ADA/USD. A lot of people are really excited about Cardano’s potential to triple dip here. But I have to tell you, notice how there is consistent resistance here over time, weaker relative highs here compared to the past. I think this will go even lower. I think this will drop to $0.15.
I’m not here to debate which projects are good or bad. “At the end of the day, the key thing that will determine momentum for both directions and price is liquidity, which is the broad price performance of financial assets, including cryptocurrencies, and unless liquidity begins to recover, ADA will likely be lower.”
Finally, the trader stated that the leading altcoin Ethereum has been stuck in a bearish cycle since April 2023 after failing to maintain $2,000 as support.
You can follow the current price movement here.