Prominent cryptocurrency strategist Nicholas Merten, known for his influential voice on his DataDash YouTube channel, has raised concerns over the possible price trajectory for certain altcoins, namely $XRP, Cardano ($ADA) and Binance Coin ($BNB), over liquidity issues.
In a video shared on the Google-owned video-sharing platform to his over 500,000 subscribers, the analyst noted that the declining liquidity of these altcoins could lead to a significant sell-off, with Merten expecting BNB to potentially decline more than 38% from current levels after having already breached two critical long-term support levels.
BNB is at the time of writing trading at $214 after seeing its price fall significantly over the past year after the exchange behind it, Binance, was hit with lawsuits in the US over alleged securities laws violations.
As for XRP, the native token of the XRP Ledger, the popular analyst noted that it’s facing downward pressure, which could lead to a 70% price plunge. Per his words, it could become one of the “biggest distribution patterns in the history of crypto,” and suggested he wouldn’t buy until the token trades at $0.15, down from its current $0.50 level, as previously locked supply is being distributed.
Addressing Ethereum competitor Cardano ($ADA), Merten noted that the cryptocurrency could drop by more than 37% from its current levels, dismissing hopes of a bullish triple-bottom price pattern. He stressed the significance of liquidity in setting the momentum for price trajectories, hinting that without a rebound in liquidity, Cardano’s price may face downward pressure.
On the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), the analyst said it appears to be stuck in a bearish cycle. Since April 2023, the coin has struggled to maintain its foothold above the $2,000 mark and is currently trading significantly below it at $1,580.
Featured image via Unsplash.
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