Nicholas Merten, a leading crypto analyst, is expressing his concerns about the top five crypto coins, despite the current relative stability in the crypto market. His pessimistic assessments could significantly influence the price developments of these prominent digital currencies.
Worrying outlook for Binance Coin (BNB)
Crypto analyst Nicholas Merten, popular among the more than half a million subscribers to his DataDash YouTube channel, is expressing concern about Binance Coin (BNB). He predicts a possible major correction for BNB should the vital support level collapse.
Merten argues that BNB could potentially see a drop of as much as 83% from its current price, returning to levels last recorded in the first quarter of 2021. He underlines the critical importance of the support level around $180, which has been in place since February 2021 holds. Should this level of support fail, a bearish scenario could emerge. This could send BNB into uncharted territory, with the possibility of a further drop to a value between $45 and $40.
Bitcoin needs to break through crucial resistance
When it comes to Bitcoin (BTC), Merten emphasizes the critical importance of breaking the current resistance level for a possible uptrend. If this does not happen, it could be a sign of a longer-lasting bearish market than initially expected. Should Bitcoin fail to breach the support zone between USD 32,000 and USD 36,000, it suggests that the market may not have the necessary strength to progress and could touch lower levels of USD 28,000 or even USD 27,000.
XRP is poised for a significant price drop
Finally, Nicholas Merten also shares his concerns about XRP. Despite a previous significant price increase of more than 60% following a favorable ruling in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, Merten sees no optimistic price action going forward.
He suggests that there is a possibility of a significant price drop, as the hype surrounding the favorable lawsuit seems to have already been factored into the price. Now may be the time to make a sale.
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