In the eBitcoin and altcoin world, analysts’ comments on cryptocurrencies attract quite a lot of attention. In a recent strategy session, Nicholas Merten, host of DataDash and a leading crypto analyst with a significant following, issues a stark warning for the crypto community. Many altcoins, including Cardano (ADA), XRP, and Binance Coin (BNB), may be on the verge of significant market corrections. These potential setbacks are primarily due to one critical factor. Decreased market liquidity.
Altcoin BNB faces a potential decline of 38%
Nicholas Merten’s analysis begins with Binance Coin (BNB), currently trading at $211.25. The coin has increased by 1.4% in the last 24 hours. Merten, on the other hand, warns of a potential decline of 38%. It highlights that altcoin BNB has fallen below two important long-term support levels. He also notes that this leaves him open to further losses.
The analyst also has warnings for altcoin XRP. Merten suggests that XRP could face a staggering 70% decline due to selling pressure. The analyst highlights a significant distribution pattern, with more supply entering the market as previously locked tokens are disposed of. Merten expresses reluctance to consider XRP as a speculative asset until it tests support levels around $0.15.
Cardano’s triple bottom pattern is at risk
Altcoin Cardano (ADA) is also on the radar. It is under scrutiny from Merten as he predicts a potential decline of over 37% from its current value. Merten notes the existence of consistent resistance and weakening relative highs, despite hopes of forming a triple bottom price formation. He warns that ADA may drop to $0.15. Merten emphasizes that liquidity plays a very important role in determining the overall price performance of cryptocurrencies.
Merten is shifting his focus to Ethereum (ETH), observing a persistent bearish cycle since April 2023. Altcoin Ethereum, currently trading at $1,588, is struggling to maintain its support above $2,000. Accordingly, this ongoing downward trend increases concerns about the price stability of the coin. As we stated as Kriptokoin.com, Nicholas Merten’s views emphasize potential risks in the crypto space. It also serves as a striking reminder about market dynamics. Investors and enthusiasts are navigating these volatile waters. Accordingly, it remains very important to have information about the factors that will affect asset prices. Let’s see if analyst Merten will be right at this point.
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