Recently, various comments have emerged about many altcoin projects. In particular, what two popular analysts said drew attention. Here are the details…
Analyst; MATIC sets levels to watch for ETH and BNB
Despite the bounce this year, a widely-followed trader who continues the bearish trend in the crypto markets is more confident in calls for lower prices for several altcoins. The pseudonymous trader, known as Capo, tells his followers on Telegram that Bitcoin (BTC) breaking the $25,000 level last week marks the beginning of a capitulation to much lower levels. Reviewing Binance Coin (BNB), Capo’s main target is around $40, which is about an 83 percent drop from current prices. The analyst says:
BNB update: Bad news comes and they never come alone. We expect more bad news this week, which will allow the price to break the key support (low range, lower dark area on the chart). Beneath this could be a free fall similar to FTT. The goals are the same. I wouldn’t take profit from the first target, but if it was achieved I would take some profit from the main target and leave some of the position open just in case.
At the time of this writing, BNB was worth $242. Returning to Ethereum (ETH), Capo says that the leading altcoin has already broken a diagonal support level and will likely go down to prices much lower. The trader’s main price target is somewhere between $650 and $550, or at least a 62% drop from current levels. “Main target: $550-650,” the analyst says for ETH. As for Ethereum scaling solution Polygon (MATIC), Capo says he’s looking for price targets as low as $0.04, which is a 93% drop from current prices. The analyst said, “MATIC update: The shorts are doing very well. Same with BNB, adding a few destinations,” he says.
Benjamin Cowen talked about the popular altcoin ADA
On the other hand, according to closely followed crypto analyst Benjamin Cowen, Cardano’s (ADA) bear market probably has a long way to go before it bottoms out. In a recent strategy session, Cowen says that based on past market cycles, ADA may need the remainder of 2023 to find a bottom. Cowen also thinks that ADA/BTC is also worth considering, and says that the pair reaching around 0.000004 BTC ($0.11) could mark a bottom for the smart contract protocol. The analyst says:
We know we’re making a new bottom. Again, based on [the last cycle], we know it could take five months or more. So this is something to consider. It’s really hard to see the bottom. I think it’s more important to look at the ADA/BTC valuation and see if it maintains its lows, perhaps future lows. Let’s say it drops to 400 satoshis (0.000004 BTC), if it can hold at these levels, then it might start to get vindicated. But right now, it’s a little harder to justify, in my opinion. I’m not saying that if Bitcoin goes up it won’t bounce back on the US dollar, we know it probably will, but the problem is that if Bitcoin is bleeding against Bitcoin, risk adjusted returns whether Bitcoin goes up or down, only Bitcoin at this stage of the market cycle. Not as tempting as keeping it.
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