• Analyst Bluntz warns investors about potential downside for altcoins such as Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB).
• Bluntz predicts MATIC could potentially drop by as much as 54% from its current levels, setting a range of $0.40 to $0.50 as a more realistic target.
• He also believes that Ethereum will soon experience a significant decline after closing below an ascending channel that has persisted for several weeks and set his sights on Ethereum falling below $1,700.
Altcoins To Plunge: Analyst Predicts Major Downturn
Analyst Bluntz has recently warned investors about the potential downside for altcoins such as Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB).
MATIC On The Decline
Bluntz predicts that MATIC could potentially drop by as much as 54% from its current levels, setting a range of $0.40 to $0.50 as a more realistic target. At present, MATIC is trading at $0.869.
ETH Falling Below $1,700
Shifting the focus to Ethereum, Bluntz points out that the second-largest cryptocurrency will soon experience a significant decline after closing below an ascending channel that has persisted for several weeks. Based on his chart analysis, he sets his sights on Ethereum falling below $1,700 while it is currently valued at $1,842.
BNB Downtrend Continues
Lastly, Bluntz turns his attention to Binance Coin (BNB) noting that the utility token of the Binance Smart Chain has faced substantial pressure when passing key supports at both $275 and then again at around $260 before settling in the high-$250s range where it remains today at around$258 per coin .
Conclusion
The cryptocurrency world sees many surprises every week but with these predictions from prominent analyst Bluntz it is important for investors to pay close attention to these three coins in order to make more informed decisions when investing in crypto assets.