A popular cryptocurrency analyst shared his near-term bearish forecast for Binance Coin (BNB) and an Ethereum (ETH) competitor.
Starting his forecast with Binance Coin, the analyst said that the fifth-ranked crypto asset will lose an average of 12%. in your opinion.
Applying the Elliott Wave theory model, the analyst thinks that Binance Coin has completed a five-wave bullish pattern. The analyst predicts a retracement from the year-to-year high of $323 to around $265, which coincides with the 61.8% Fibonacci level.
“I think BNB risks falling to at least $265. It’s definitely on my radar for shorts in any bounce after the daily close.”
Ethereum competitor next in the list Avalanche (AVAX) is included. According to Smart Contracter, Avalanche risks a correction of up to 30% in February after completing its five-wave bullish pattern.
Avalanche risks falling to just below $14, an area that coincides with the 61.8% Fibonacci level from the year high of $18.97.
“Many large-cap cryptoassets are currently making net 5-wave gains on a daily basis. Not all, of course, but most of them were. AVAX is also among the assets that can decline by 25-30% on average. You don’t like to share bad news, but it’s the truth.”
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