A widely followed crypto analyst is warning that several altcoins could soon undergo severe market corrections due to one main factor.
In a new strategy session, DataDash host Nicholas Merten tells his 512,000 YouTube subscribers that declining market liquidity could send Cardano (ADA), XRP and Binance Coin (BNB) much lower.
According to Merten, BNB could decline by more than 38% from its current value after dipping below two long-term support levels.
BNB is trading for $211.25 at time of writing, up 1.4% in the past 24 hours.
Next, the trader says that XRP, the token associated with Ripple Lab’s payments platform, is facing downward pressure from a large volume of selling that could cause it to collapse by 70%.
“I think this is going to come down in history as one of the biggest distribution patterns in the history of crypto…
The price action shows it here. There’s more available supply as there’s been more distribution and unloading of previously locked supply on the market. And you can see it here within the price action. And I’m not excited buying something like XRP even as a speculative asset until I come down here and test this line of support [at the $0.15 level].
Even from there, I’m worried that this might have been a long-term distribution pattern where there’s no return in sight back above this level once it breaks.”
Go to Source to See Full Article
Author: Daily Hodl Staff
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
