• Analyst Bluntz predicts a major downturn for Polygon (MATIC), Ethereum (ETH) and Binance Coin (BNB).
• Bluntz believes that MATIC could drop by 54%, ETH could fall below $1,700 and BNB will continue its downtrend.
• He points out that MATIC is breaking down from a 12-month bear flag, ETH is closing below an ascending channel and BNB is facing pressure.
Altcoins To Plunge: Analyst Predicts Major Downturn
Analyst Bluntz warns investors about potential downside for altcoins as the crypto market continues to experience a downturn. He predicts that Polygon (MATIC), Ethereum (ETH) and Binance Coin (BNB) are likely to see major price drops in the near future.
MATIC Price Drop
Bluntz notes that MATIC is breaking down from a 12-month bear flag and has just closed solidly below a year-long channel, indicating a further descent. He suggests that MATIC could potentially drop by as much as 54% from its current levels, setting a range of $0.40 to $0.50 as more realistic target.
ETH Price Decline
The analyst also points out that Ethereum will soon experience a significant decline after closing below an ascending channel that has persisted for several weeks. He believes that ETH could fall below $1,700 in the coming days or weeks.
BNB Downward Trend
Bluntz highlights the fact that Binance Coin (BNB), the utility token of the Binance Smart Chain has faced substantial pressure when paired against Bitcoin over recent months. According to his analysis, he expects this downward trend to continue in the near future.
As investors brace for an impending crypto market downturn, Bluntz’s predictions provide insight into how much each altcoin may be affected by it in terms of their prices. It remains to be seen whether or not these predictions hold true but investors should remain vigilant during this period of uncertainty within the cryptocurrency space