Popular crypto commentator issues a crucial warning for two major altcoins in his latest market evaluation. The weak risk appetite of investors and the lack of significant recovery in cumulative trading volume confirm this. On the other hand, BTC saw a slight increase today but was unable to convert $26,800 into support at the time of writing.
Nicholas Merten, the host of DataDash, shared his latest market predictions with over half a million cryptocurrency investors. The expert warns that Cardano (ADA), XRP, and Binance Coin are in for tough times due to decreasing liquidity in the market.
According to Merten, BNB Coin, supported by the largest cryptocurrency exchange Binance, could drop by approximately 40% from its current price as it has lost two major support levels. At the time of writing, the BNB price remained above $210.
Next, the trader shifted his focus to XRP, the cryptocurrency associated with Ripple’s payment platform. He stated that XRP could experience a significant volume-driven sell-off that could cause a 70% collapse.
“I believe this will go down in history as one of the biggest sell-off patterns in crypto history…”
Price movements indicate this. There is more available supply due to the distribution and liquidation of previously locked supply, which you can also see in price movements. I won’t buy XRP until it tests this support line at $0.15.
I’m even concerned about buying at the bottom. If it breaks this level, I fear there will be no turning back.”
Lastly, Merten targeted ADA Coin, one of Ethereum’s biggest rivals. He expects Cardano to drop by more than 37% from its current value after failing to form a rising triple-bottom price formation.
“Take a look at ADA/USD. Many people are really excited about Cardano potentially forming a triple bottom here. But I have to tell you, as time goes on, pay attention to how consistent resistance and weaker relative peak points are emerging compared to the past. I think it will go down further. I think it will go down to $0.15.
I’m not here to debate which project is good or bad. At the end of the day, the fundamental thing that will determine the direction and price, including cryptocurrencies, is liquidity in terms of broad price performance of financial assets, and I’m here to say that ADA will likely decline until liquidity starts to recover.”