From inflation shocks to meme coin mania, the cryptocurrency world sees a week of surprises.
As the crypto market continues to experience a downturn, prominent analyst Bluntz warns investors about the potential downside for altcoins. Let’s delve into Bluntz’s analysis and predictions for Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB).
MATIC On The Decline
Polygon (MATIC), the Ethereum-based layer-2 scaling solution, is losing its high time frame structure, according to Bluntz. He notes that MATIC is breaking down from a 12-month bear flag and has just closed solidly below a year-long channel, indicating a further descent. Bluntz predicts that MATIC could potentially drop by as much as 54% from its current levels, setting a range of $0.40 to $0.50 as a more realistic target. At present, MATIC is trading at $0.869.
ETH Falling Below $1,700
Shifting the focus to Ethereum, Bluntz points out that the second-largest cryptocurrency will soon experience a significant decline after closing below an ascending channel that has persisted for several weeks. Based on his chart analysis, Bluntz sets his sights on Ethereum falling below $1,700. Currently, ETH is valued at $1,842.
He further states, “The undersides bear flag retest of ETH appears to be complete, and I believe the bottom will fall out of this market soon.”
BNB Downtrend Continues
Lastly, Bluntz turns his attention to Binance Coin (BNB), noting that the utility token of the Binance Smart Chain has faced substantial pressure when paired with Bitcoin. He explains that BNB has had one of the most severe downtrends against its BTC pair, consistently declining, unlike the sideways movement of ETH/BTC.
Bluntz’s warnings serve as a reminder to investors to exercise caution and carefully consider the potential risks associated with altcoin investments, including Polygon, Ethereum, and Binance Coin. The analyst views are more realistic and one can make more informed decisions about when to buy, sell, or hold their assets.
Source: https://coinpedia.org/altcoin/altcoins-to-plunge-analyst-predicts-major-downturn-for-matic-eth-bnb-price/