• Analyst Bluntz warns investors about potential downside for altcoins Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB).
• MATIC is breaking down from a 12-month bear flag and could potentially drop by as much as 54%.
• ETH is at risk of falling below $1,700 and BNB could face significant pressure.
Altcoins To Plunge: Analyst Predicts Major Downturn
Analyst Bluntz has warned investors about the potential downside for altcoins Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB). The crypto market continues to experience a downturn, which could spell trouble for these altcoins.
MATIC on the Decline
Polygon (MATIC) is losing its high time frame structure, according to Bluntz. He notes that MATIC is breaking down from a 12-month bear flag indicating a further descent. Bluntz 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.
ETH Falling Below $1,700
Ethereum (ETH) could soon experience a significant decline after closing below an ascending channel that has persisted for several weeks. According to Bluntz’s analysis, ETH may fall below $1,700 in the near future.
BNB Downtrend Continues
The utility token of the Binance Smart Chain, Binance Coin (BNB), may also face substantial pressure in the coming days. Bluntz believes that the bottom will fall out of this market soon enough leading to lower prices for BNB tokens.
Conclusion
The cryptocurrency world continues to be unpredictable with inflation shocks and meme coin mania taking center stage over recent weeks. As such, investors should remain vigilant when considering their options within the crypto space in order to limit any potential losses they may incur from price drops across all major coins including MATIC, ETH and BNB tokens.