Crypto analyst Nicholas Merten says the performance of Cardano (ADA), Binance Coin (BNB) and two other altcoins is proof that the digital asset markets are not yet in bear territory.
In a new strategy session, Merten says that one of the main features of a crypto bear/bearish winter is that altcoins are starting to bleed against Ethereum (ETH).
The strategist points out that in the past month and months before that, Cardano rallied over 30 percent in the Ethereum pair (ADA/ETH), indicating healthy investor appetite for altcoins, even as the price action seems uncertain.
“For about a month, so since December we can see that ADA/ETH has made a move of about 33 percent here… As you can see here, we’re talking about a 30 percent increase in value against Ethereum. That’s a little intriguing… You would actually think that ADA would bleed more than Ethereum.
“We are not here to follow the crowd. The community was extremely bullish here on ADA a few months ago. Now we got a discount and it started to rise again. This is something that really interests me.”
Merten claims that Binance Coin tells the same story in the Ethereum pair (BNB/ETH).
“[0.16 ETH veya 521 dolardaki (video sırasında) direncin] If we can bounce back on it, we could really start to see a higher price move. We do not see any significant bleeding against Ethereum as it should be.”
Despite making big gains in the past year, the smart contract platform Avalanche (AVAX) He says it is still bullish against Ethereum (AVAX/ETH), which bodes well for the entire crypto market in general.
“To be fair, the chart doesn’t look bad at all. I mean, we have higher lows (new high lows) here, a consistent historical resistance range. of this range [0.03 ETH veya 97 dolar] If you go above it, I think with a nice weekly close, AVAX could continue to rally massively against Ethereum.
Ethereum rival Solana (SOL) is also doing well against ETH, according to Merten. The analyst says SOL/ETH looks resilient, which could be a sign that Solana has a chance to fire another leg in the bull cycle.
“The momentum changed there. It has been stagnant against ETH since September. However, we do not witness any significant sales. There’s not an iota. So will it just break below the lows at 0.038 ETH ($123), or will it break above 0.06 ETH ($195) here and start the higher trend? It’s a matter of waiting for answers to your questions. If I owned Solana, I would never panic right now… It’s still going well.”
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