From inflation shocks to meme coin mania, the cryptocurrency world is seeing a week full of surprises.
As the crypto market continues to experience a downturn, prominent analyst Bluntz is warning investors about the potential downside of altcoins. Let’s take a look at Bluntz’s analysis and predictions for Polygon (MATIC), Ethereum (ETH) and Binance Coin (BNB).
MATIC on the ramp
Polygon (MATIC), the Ethereum-based layer-2 scaling solution, is losing its high time frame structure, according to Bluntz. He notes that MATIC is breaking away from a 12-month bear flag and just closed firmly below a year-long channel, pointing to a further decline. Bluntz predicts that MATIC could potentially fall as much as 54% from current levels, setting a $0.40 to $0.50 range as a more realistic target. At the moment, MATIC is trading at $0.869.
ETH drops below $1,700
Bluntz shifts focus to Ethereum, pointing out that the second-largest cryptocurrency will soon experience a significant drop after closing below a bullish channel that has lasted for several weeks. Based on his chart analysis, Bluntz sets his sights on Ethereum dropping below $1,700. Currently, ETH is valued at $1,842.
He further states, “The bottom of ETH’s flag retest seems to be complete, and I think the bottom will soon fall out of this market.”
BNB downtrend continues
Finally, Bluntz turns his attention to Binance Coin (BNB), noting that the Binance Smart Chain utility token has been under significant pressure in conjunction with Bitcoin. He explains that BNB has had one of the most severe downtrends against its BTC pair, which fell consistently, in contrast to ETH/BTC’s sideways movement.
Bluntz’s warnings serve as a reminder to investors to exercise caution and carefully consider the potential risks associated with altcoin investments, including Polygon, Ethereum, and Binance Coin. Analysts’ views are more realistic and one can make more informed decisions about when to buy, sell or hold assets.
