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.
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.
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