The cryptocurrency market is back in the red today, after a week-long rise. Bitcoin went up to $22,590 in its latest rise. However, today it has lost 8.59% to return to $20,350. Altcoin prices also followed the movements of the leading cryptocurrency and fell. Meanwhile, 2 analysts shared price predictions that the decline could deepen in the three major altcoins listed on the Binance exchange.
“These 3 altcoins on Binance may crash”
Two analysts named Akash Girimath and Tony Montpeirous identified 3 altcoin projects. These altcoins are Ethereum Classic, Ethereum and Cardano. According to them, ETC, ADA and ETH prices are signaling for a drastic drop coming soon. As Kriptokoin.com, we have compiled the price levels that should be followed.
“Ethereum Classic (ETC) prepares to break down”
Ethereum Classic is up 240% between July 13 and July 29, setting a range between $13.33 and $45.47. This exponential increase has continued on an average return journey since July 29. However, the altcoin failed to retest the midpoint. On September 14, the Ethereum Classic price dropped by about 12%. This decline turned the support base at $37.65 into a resistance level. Therefore, the price indicates that the bears will dominate if the bulls do not make a comeback soon.
Traders can expect a pullback that retests the $37.65 hurdle. But if buyers don’t step in, sellers are likely to issue a refusal. At this point, the most likely target for the altcoin will be to revisit the 32.15 support level. This level is a price point where interested traders can open a short position and benefit from the next move. However, if this support is also lost, ETC’s next stop will be the midpoint of the range at $29.40. This development means a total collapse of 21%.
“It depends on the ETC price to continue to rise”
The bearish view makes sense from a macro point of view. However, the internal structure has the potential to cause the price to rise under certain conditions. It is possible for the altcoin price to produce a daily candlestick above the $39.02 barrier. If it does it will turn the level into a support base and invalidate the bearish thesis. In such a case, Ethereum Classic will move to retest the equally highs at $42.58 and $45.47.
“Cardano (ADA) signals bearish”
Cardano price produced a higher high at $0.524 compared to the September 6 high of $0.512. While this outlook was bullish, the altcoin failed to continue the rally. Hence, a steep sell-off ensued which led to a 8.7% drop. However, the decline has yet to form a lower low that has been continuing since June 19th.
Cardano price is likely to pull back to $0.488 before it takes another dive. Therefore, the probability of a full uptrend is extremely low for the short term. The resulting drop will push ADA down to the support level at $0.433. But the ideal liquidity run would be a snapshot of even lows forming at $0.425. This move will create a 13% drop in Cardano price overall.
“Watch these levels”
The short-term outlook for Cardano price is bearish. However, the long-term scenario also takes it to the bottom. The three-day chart shows the altcoin price forming a descending triangle with three low highs and two equal lows at $0.40. Combining these swing points using trend lines shows that the descending triangle has formed since May 10. The technical pattern reveals that the distance between the initial high swing and the low swing is added to the $0.400 breakout point.
Accordingly, the pattern predicts that the altcoin price will drop by 40% to $0.241. Assuming Cardano price produces a three-day candlestick below this level, it will signal a breakout. This would potentially push the price down to $0.241 with a 40% collapse. On the other hand, if Cardano price rises to produce a higher top above $0.594, this will invalidate the bearish view for ADA. In such a case, Cardano price will make a run of $0.700 and collect trading liquidity there.
“The narrative is changing in Ethereum price”
Ethereum price has recently returned to the previous congestion zone, which changed its short-term bullish outlook. Last week, ETH price was showing optimistic signals as the price hovered above an ascending parallel channel. However, on September 13, the bears rejected ETH price near the $1,800 level. The resulting strong red candle came with an increase in volume. Thus, the bulls left the altcoin causing a breakout at the $1,600 price level.
The bulls are trying to retrace the breached 21-day simple moving average. Meanwhile, Ethereum price is currently auctioning at $1,589. If the moving average fails to provide support, we can expect further declines. A Fibonacci indicator shows a one-to-one correlation to $1,289. If the bulls fail to provide support near current price levels, a five-wave impulse targeting the one-time Fib level could start before the speculative Ethereum Merge bull run occurs. This will cause the price to see $1,289.
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