A leading analyst is warning that crypto assets may face more downside during the current market correction.
Pseudonymous analyst and trader Bluntz tells his 222,800 Twitter followers that altcoins are trending downwards on the large time frames and could fall far more than what is currently being anticipated.
Citing the example of Polygon (MATIC), Bluntz says that the Ethereum (ETH) layer-2 scaling solution has just slipped below an ascending channel and is heading lower.
“So many altcoins losing really high time frame structure now. MATIC, for instance, is breaking down from a 12-month bear flag and just had a solid close below a year long channel.
Personally, I’m starting to think things are going quite a bit lower than many are anticipating.”
According to the analyst and trader, MATIC could plummet by up to 54% from current levels.
“[A drop to] $0.40 – $0.50 more reasonable I think.”
Polygon is trading at $0.869 at time of writing.
Turning to Ethereum, Bluntz says that the second-largest crypto asset will plunge soon after closing below a weeks-long ascending channel.
From his chart, it appears Bluntz is targeting Ethereum to fall to below $1,700. ETH is trading at $1,842 at time of writing.
“Underside bear flag retest of ETH looks done, I’m thinking the bottom falls out of this quite soon.”
Next up is Binance Coin (BNB), the utility token of the Binance Smart Chain. Bluntz says that BNB has come under severe pressure when paired against Bitcoin, falling by over 35% since late last year.
“Of all the majors BNB has got to have one of the most savage downtrends on its BTC pair, literally down only, not even remotely sideways like ETH/BTC has been.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
![6 Best New Meme Coins to Join in December 2024 [Unlock Massive Returns with BTFD Coin’s Festive Discount]](https://blockchainreporter.net/wp-content/uploads/2024/12/btfd453656476754.png)
