• Analyst Bluntz has warned investors about potential downside for altcoins Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB).
• According to Bluntz, MATIC is breaking down from a 12-month bear flag and could drop by as much as 54%.
• Bluntz also believes that ETH will soon experience a significant decline after closing below an ascending channel, falling below $1,700. Lasty, BNB has faced substantial pressure when paired with Bitcoin.
Altcoins To Plunge: Analyst Predicts Major Downturn
Analyst Bluntz has warned investors about the potential downside for three popular altcoins – Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB). According to his analysis, these coins may be set to see major declines in their prices over the coming weeks.
MATIC On The Decline
Bluntz notes that MATIC is breaking down from a 12-month bear flag and has just closed solidly below a year-long channel. He predicts that MATIC could potentially drop by as much as 54% from its current levels, setting a range of $0.40 to $0.50 as a more realistic target. At present, MATIC is trading at $0.869.
ETH Falling Below $1,700
The analyst further states that Ethereum will soon experience a significant decline after closing below an ascending channel that has persisted for several weeks. Based on his chart analysis, Bluntz sets his sights on Ethereum falling below $1,700. Currently, ETH is valued at $1,842.
BNB Downtrend Continues
Lastly, Bluntz observes that the utility token of the Binance Smart Chain has faced substantial pressure when paired with Bitcoin. He believes this trend will continue in the near future due to market sentiment and the increasing dominance of BTC in comparison to other cryptocurrencies including BNB.
