Trader Warns One Blue-Chip Altcoin Could Plummet by Over 80% to ‘No Man’s Land’, Updates Bitcoin and XRP Outlook

MartinBH crypto abyss Bitcoin editorial illustration use a cons bf809135 3f77 4ec6 b946 f6e251df955d

Crypto analyst Nicholas Merten is expressing bearish sentiment on one top-five crypto asset amid relative calm in the market.

Merten tells the 511,000 subscribers of the DataDash YouTube channel that Binance Coin (BNB) could undergo heavy correction if a critical support level crumbles.

According to Merten, BNB could fall by up to 83% from the current level to a price last recorded in the first quarter of 2021.

“[BNB is] just barely hanging by a thread by the 200 moving average and just hanging right above the support level [around $180] that has been holding since February of 2021. If that level is broken, if the trend line between the two significant higher lows here from back in September 2017 and March of 2020, very critical lows for BNB, if that line of theoretical support does not hold if the line of sideways support does not hold and if we don’t get support off of the prior resistant highs from June 2019 in January 2018, where is BNB heading?

Well, take a look at the chart here we enter into no man’s land until easily down here around $45 to $40.”

BNB is trading at $242 at time of writing.

Turning to Bitcoin (BTC), Merten says that failure to break above the current resistance level will suggest that the flagship crypto asset’s chances of a rally are slim and that the bear market could linger longer than anticipated.

“[If] we are not able to break through this prior support range [$32,000 – $36,000], which is now resistance to the sideways channel here, if we cannot clear through that here within a very short window of time, this is going to continue playing as resistance.

And as we continue to push below the support band of this ascending channel and break through that potentially down to say $28,000, $27,000, this is going to be full proof that the market does not have the juice to move forward…

I got to be honest with you guys here, as the price has been holding up in this range [$32,000 – $36,000] and now such a long-term range of prior support is now acting as resistance, I got to tell you guys, this sends signals that the market is going to likely have a much further long drawn-out bear market than many people think.”

On XRP, the widely followed analyst says that the fourth-largest crypto asset is on the cusp of plummeting after appreciating by over 50% from mid this month amid a favorable ruling in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

“This is not optimistic price action. We’re very close to getting a red flip here on the daily [time frame chart]. And that’s not what you want to see – some huge 72% move and then no follow-through afterward? It’s more ‘buy the hype, sell the news’, right? In this case, essentially, the hype had already been priced in and now it’s time to sell the news.”

I

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Trader Warns One Blue-Chip Altcoin Could Plummet by Over 80% to ‘No Man’s Land’, Updates Bitcoin and XRP Outlook appeared first on The Daily Hodl.

Steve Beckford

Steve Beckford

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 67,000.95
ethereum
Ethereum (ETH) $ 3,223.39
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 580.81
solana
Solana (SOL) $ 151.58
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,214.50
xrp
XRP (XRP) $ 0.543121
dogecoin
Dogecoin (DOGE) $ 0.172895
the-open-network
Toncoin (TON) $ 6.82
cardano
Cardano (ADA) $ 0.500693
avalanche-2
Avalanche (AVAX) $ 38.36
shiba-inu
Shiba Inu (SHIB) $ 0.000024
bitcoin-cash
Bitcoin Cash (BCH) $ 543.84
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,669.86
tron
TRON (TRX) $ 0.114223
polkadot
Polkadot (DOT) $ 7.14
chainlink
Chainlink (LINK) $ 15.09
matic-network
Polygon (MATIC) $ 0.757694
litecoin
Litecoin (LTC) $ 85.72
internet-computer
Internet Computer (ICP) $ 13.46
near
NEAR Protocol (NEAR) $ 5.71
uniswap
Uniswap (UNI) $ 7.73
leo-token
LEO Token (LEO) $ 5.77
dai
Dai (DAI) $ 0.999122
ethereum-classic
Ethereum Classic (ETC) $ 29.32
aptos
Aptos (APT) $ 9.59
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 2.58
mantle
Mantle (MNT) $ 1.13
crypto-com-chain
Cronos (CRO) $ 0.138655
cosmos
Cosmos Hub (ATOM) $ 9.16
bittensor
Bittensor (TAO) $ 542.87
filecoin
Filecoin (FIL) $ 6.56
stellar
Stellar (XLM) $ 0.113445
okb
OKB (OKB) $ 53.13
vechain
VeChain (VET) $ 0.043294
render-token
Render (RNDR) $ 8.05
arbitrum
Arbitrum (ARB) $ 1.16
hedera-hashgraph
Hedera (HBAR) $ 0.084579
immutable-x
Immutable (IMX) $ 2.11
kaspa
Kaspa (KAS) $ 0.124331
maker
Maker (MKR) $ 2,933.20
dogwifcoin
dogwifhat (WIF) $ 2.59
pepe
Pepe (PEPE) $ 0.000006
the-graph
The Graph (GRT) $ 0.260967
optimism
Optimism (OP) $ 2.40
ethena-usde
Ethena USDe (USDE) $ 1.00
theta-token
Theta Network (THETA) $ 2.37
injective-protocol
Injective (INJ) $ 25.98