A renowned expert analyst in the cryptocurrency market suggests that a major sell-off event is on the horizon for altcoins. Additionally, the analyst notes that the leading smart contract platform Ethereum (ETH) could be a safe bet.
During a recent interview on YouTube, DataDash host Nicholas Merten stated that altcoins appear to be ready for a continuous correction movement. He said:
Altcoins not only seem prepared for a continuous pullback but also for assessing the situation, trying to find projects of interest. However, kids, I’ll be honest with you, I see that the market continues to recover.
Nicholas Merten, discussing Binance‘s native token and currently the fifth-ranked cryptocurrency Binance Coin (BNB) in terms of volume, mentioned that its price movement could reveal what’s next for the altcoin market as a whole.
BNB Expectations!
According to the cryptocurrency analyst, if BNB fails to hold onto the $30 billion market cap level, it could face a significant correction. The expert stated:
Essentially, since Binance Coin has broken its long-term trend line held since 2017, how far can things go down? Can it stay around $30 billion? Because if it can’t, if it surpasses that level, we’re entering no man’s land.
While Nicholas Merten remains cautious about altcoins, he suggests that Ethereum can “swim against the current.” He stated:
Among all the cryptocurrencies out there, the standout for me in terms of showing at least more upside potential is Ethereum’s price pattern. For over a year, it has been building a rising triangle. This is a bullish pattern where you have a flat resistance range, lower rising lows, and you compress and coil the price, usually resulting in an upward breakout. However, I want to make it clear that, like all technical patterns, there are no guarantees. We are just working with what we have.
