Cryptocurrency analyst Nicholas Merten, known for his DataDash channel, is expressing caution about the future of three prominent altcoins: ADA, XRP, and BNB. Recent developments in the altcoin market have raised concerns, and Merten offers his insights on what might be causing this vulnerability.
Delve in to know the analyst’s take on the price action of your favorite altcoin in the coming week.
Binance Coin (BNB) Takes A Tumble
Nicholas Merten’s analysis suggests that Binance Coin (BNB) could face a significant decline, potentially exceeding a 38% drop from its current value. This projection is based on BNB’s recent dip below two critical long-term support levels. Over the past few months, BNB has struggled to breach the $350 mark in 2023, leading to a sharp reversal that brought its price down to approximately $200. This price movement is visually represented as a falling wedge pattern on the one-day chart.
The concerning aspect is that BNB is now challenging the support trendline of this falling wedge pattern. Currently trading at $211.25, it has shown a 1.4% increase in the past 24 hours.
Ripple (XRP) Faces Sell Pressure
Nicholas Merten predicts short-term pressure on the XRP price, with the potential for a substantial 70% drop due to a significant sell-off. Recent technical indicators, such as the “death cross” between the 50 and 200 Moving Averages (MAs) on the weekly charts, suggest a bearish sentiment in the short term.
Also, Merten advises potential XRP investors to exercise caution and wait for a support level test at $0.15 before considering it as a speculative asset. As of now, XRP is trading at $0.50, with a slight 0.4% increase in the last 24 hours.
Read More: XRP Death Cross: End of the Bull Run or a Buying Opportunity?
Cardano (ADA) to Dip Low
In the case of Cardano (ADA), Merten foresees a drop of more than 37% from its current value. Despite some optimism regarding the formation of a potential triple-bottom pattern, the analyst highlights consistent resistance and weakening relative highs over time, indicating a potential decline to $0.15.
Ethereum (ETH) is Struggling Too!
Ethereum (ETH) is also facing challenges, having been locked in a bearish cycle since April 2023 and struggling to maintain support above $2,000. Currently trading at $1,588, ETH has found some stability around the $1,425 mark after grappling with the $1,500 level.
According to Merten, there may be a brief downturn in September, but he anticipates potential adoption to take place in October if all goes according to plan.
Source: https://coinpedia.org/price-analysis/crypto-market-prediction-ada-xrp-and-bnb-price-expected-to-decline-soon/