A Crypto Analyst Warns of Potential Market Corrections for Cardano, XRP, and Binance Coin
A popular crypto analyst, Nicholas Merten, is cautioning that several altcoins may experience significant market corrections due to a key factor: declining market liquidity. In a recent strategy session with his YouTube subscribers, Merten highlights the potential downward trajectory of Cardano (ADA), XRP, and Binance Coin (BNB).
Binance Coin (BNB) Facing Potential 38% Decline
Merten suggests that BNB could decline by over 38% from its current value after breaking below two long-term support levels. The current price of BNB is $211.25 at the time of writing.
XRP Could Collapse by 70%
Merten believes that XRP, the token associated with Ripple Lab’s payments platform, is under significant selling pressure that could lead to a collapse of up to 70%. He points out a substantial distribution pattern in XRP’s price action and expresses concerns about its long-term prospects. XRP is currently trading at $0.50.
Cardano (ADA) Predicted to Decline by Over 37%
Merten predicts that Cardano will experience a decline of more than 37% from its current value. Despite some excitement around a potential triple-bottom pattern, Merten argues that consistent resistance and weaker relative highs indicate a bearish trend for ADA. The current price of Cardano is $0.24.
Ethereum Stuck in Bearish Cycle
Merten notes that Ethereum has been stuck in a bearish cycle since April 2023 after failing to hold $2,000 as support. Ethereum is currently trading at $1,588.
Hot Take: Altcoins Face Uncertain Future Amidst Declining Liquidity
In summary, crypto analyst Nicholas Merten warns that altcoins like Cardano, XRP, and Binance Coin could experience significant market corrections due to declining liquidity. BNB might see a potential decline of 38%, while XRP faces the risk of collapsing by 70%. Additionally, Cardano is predicted to decline by over 37%, and Ethereum remains stuck in a bearish cycle. These forecasts highlight the importance of monitoring liquidity trends and their impact on altcoin performance.
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