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Analyst Predicts Massive Selloff for Altcoins

Analyst Predicts Massive Selloff for Altcoins

Popular analyst Nicholas Merten, of the YouTube channel DataDash, shares with his more than 500,000 subscribers that a sharp correction is likely to come for altcoins. Remarkably, the largest smart contract platform in the world, Ethereum, could escape that wave of sales, according to the analyst.

Binance Coin down?

In his new video, Merten also takes a look at Binance Coin (BNB), the exchange token of the big Binance. Currently, this coin is ranked number five on CoinMarketCap, making it one of the industry’s biggest projects.

According to the analyst, it is important that BNB knows how to monitor the market cap of $ 30 billion. Failing that, the project may face a deep correction.

Merten notes that Binance Coin has broken through a trendline that has supported the price since 2017. “How deep can we sink? Can the currency hold its own here at around $30 billion? Because if that doesn’t work and we sink through that level, we will end up in no man’s land,” says Merten.

Positive on Ethereum

While Merten is relatively negative about most altcoins at the moment, Ethereum could be swimming against the current, according to him. “Out of all the cryptocurrencies in the market, one that stands out to me and seems at least more bullish than the rest is Ethereum,” said Merten.

In the chart above, Merten shows that Ethereum has been in a rising triangle for practically 12 months, which in technical analysis is usually a bullish pattern for a financial asset.

“Although I want to make it clear that there are no guarantees with technical patterns, we simply work with what we have,” said Merten. At the time of writing, Ethereum is trading at $1,872 and is down 3.16 percent for the past seven days.

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