Recent reports reveal that a significant sell-off of altcoins is looming on the horizon. However, there is hope for Ethereum (ETH) as it may not be affected by this sell-off, according to a prominent crypto analyst.
Massive sell-off could come for altcoins
In a recent strategy session, Nicholas Merten, the host of DataDash and followed by over 511,000 YouTube subscribers, predicts that altcoins are likely to experience a consistent corrective movement.
It appears that altcoins may experience a downturn, and we are diligently researching projects that interest us. However, it’s important to be transparent that I believe the market will continue to correct.
When examining Binance Coin (BNB), which is the digital asset of the Binance crypto exchange and is currently ranked fifth, its price trends can provide insights into the broader altcoin market.
If BNB cannot maintain a market cap of $30 billion, there is a possibility of a significant correction.
He said that currently, they are analyzing the state of Binance Coin (BNB) after it broke through a long-term trend line that it had maintained since 2017.
He explained the fact that their main concern is determining how low its value can go. If it holds steady at around $30 billion, that would be a positive sign.
However, if it drops below that level, we will be entering into uncertain territory. BNB’s current market cap is $37.6 billion.
While altcoins are a cause for concern, they said that they believe that Ethereum may have the ability to outperform the market.
Altcoins in the news
An expert in crypto trading and analysis is optimistic about the future of a significant smart contract blockchain’s native token.
Bluntz highlighted the fact that ATOM is currently in a bullish ascending channel and has recently completed a three-wave corrective pattern, indicating that a new upward trend may be on the horizon.
“I’ve been hunting some altcoins that look amazing that haven’t run as hard as some others and my homie pointed out ATOM.
Beautiful weekly structure, nice clean three-wave move down, another potential 100% mover in my opinion.”
