Cryptocurrency analyst Nicholas Merten said that the performance of Cardano (ADA), Binance Coin (BNB) and two other altcoin projects; He says it’s proof that crypto markets are not yet in bear territory. So, what are the altcoins the analyst is talking about? cryptocoin.com We are giving the details as…
Nicholas Merten: Altcoin market has not fallen yet
In a new video, Merten says that one of the main features of a bear market, or bearish market, in a crypto market is that altcoins start to lose value against Ethereum (ETH). He points out that the Cardano-Ethereum pair (ADA/ETH) has rallied over 30 percent in the past month, indicating healthy investor appetite for altcoins, even if the price action seems uncertain. Merten uses the following expressions:
We can see that ADA/ETH has made a move of about 33 percent here since December, about a month ago… We’re talking about a 30 percent move against Ethereum in general. This is kind of interesting… You would generally think that ADA would lose more value than Ethereum.
Merten says that Binance Coin’s Ethereum pair (BNB/ETH) also tells the same story. “If we bounce back above the $0.16 ETH or $521 resistance, we could indeed start to see a higher move. We do not see a big drop against Ethereum,” the analyst said; He says that despite making huge gains in the past year, smart contract platform Avalanche (AVAX) is still in a bullish trend against ETH in general.
To be fair, the painting doesn’t look bad. A historically resistant range. Break above this range ($97) I think with a nice weekly close, AVAX could continue to gain big time against Ethereum.
Ethereum rival Solana (SOL) is also doing well against ETH, according to Merten. He says SOL/ETH looks resilient, which could be a sign that Solana has a chance to fire up another leg in the bull cycle. SOL is sluggish against ETH, but no major sell-offs were seen; Solana says he wouldn’t panic if he owned it.
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