• Analyst Bluntz predicts a potential downturn for altcoins, including 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 uses chart analysis to back up his predictions.
Altcoins To Plunge: Analyst Predicts Major Downturn For MATIC, ETH & BNB Price
Analyst Bluntz has predicted a potential downturn for major altcoins such as Polygon (MATIC), Ethereum (ETH) and Binance Coin (BNB). According to his chart analysis, he believes that MATIC could drop by 54%, ETH could fall below $1,700 and BNB will continue its downtrend.
Polygon 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, indicating a further descent. 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.
Ethereum Falling Below $1,700
Shifting the focus to Ethereum, Bluntz points out that the second-largest cryptocurrency 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.He further states “The undersides bear flag retest of ETH appears to be complete and I believe the bottom will fall out of this market soon”
Binance Coin Downtrend Continues
Lastly Bluntz turns his attention to Binance Coin (BNB), noting that the utility token of the Binance Smart Chain has faced substantial pressure when paired against Bitcoin in recent weeks. He suggests that this trend may continue unless bulls can take back control of the market soon enough.
Conclusion
In conclusion it appears that analyst Bluntz is expecting altcoins such as Polygon (MATIC), Ethereum (ETH) and Binance Coin (BNB) to experience major price drops in the near future due to their current technical setups according to his chart analysis predictions.. Investors should be aware of these risks before investing in any crypto asset
