{"id":163787,"date":"2023-09-27T17:20:28","date_gmt":"2023-09-27T11:50:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=163787"},"modified":"2023-09-27T17:20:28","modified_gmt":"2023-09-27T11:50:28","slug":"no-ones-prepared-for-massive-cardano-xrp-and-binance-coin-correction-says-crypto-analyst-nicholas-merten-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/no-ones-prepared-for-massive-cardano-xrp-and-binance-coin-correction-says-crypto-analyst-nicholas-merten-crypto-news\/","title":{"rendered":"No One\u2019s Prepared for Massive Cardano, XRP and Binance Coin Correction, Says Crypto Analyst Nicholas Merten – Crypto News"},"content":{"rendered":"

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A widely followed crypto analyst is warning that several altcoins could soon undergo severe market corrections due to one main factor.<\/p>\n

In a new strategy session, DataDash host Nicholas Merten tells<\/a> his 512,000 YouTube subscribers that declining market liquidity could send Cardano (ADA<\/a>), XRP<\/a> and Binance Coin (BNB<\/a>) much lower.<\/p>\n

According to Merten, BNB could decline by more than 38% from its current value after dipping below two long-term support levels.<\/p>\n

Source: Nicholas Merten\/YouTube<\/figcaption><\/figure>\n

BNB is trading for $211.25 at time of writing, up 1.4% in the past 24 hours.<\/p>\n

Next, the trader says that XRP, the token associated with Ripple Lab\u2019s payments platform, is facing downward pressure from a large volume of selling that could cause it to collapse by 70%.<\/p>\n

\u201cI think this is going to come down in history as one of the biggest distribution patterns in the history of crypto\u2026<\/em><\/p>\n

The price action shows it here. There\u2019s more available supply as there\u2019s been more distribution and unloading of previously locked supply on the market. And you can see it here within the price action. And I\u2019m not excited buying something like XRP even as a speculative asset until I come down here and test this line of support [at the $0.15 level].<\/em><\/p>\n

Even from there, I\u2019m worried that this might have been a long-term distribution pattern where there\u2019s no return in sight back above this level once it breaks.\u201d<\/em><\/p>\n

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Source: Nicholas Merten\/YouTube<\/figcaption><\/figure>\n

XRP is trading for $0.50 at time of writing, up 0.4% in the last 24 hours.<\/p>\n

Next, the trader predicts that Ethereum (ETH<\/a>) rival Cardano will decline by more than 37% from its current value after a bullish triple-bottom price pattern fails to take shape.<\/p>\n

\u201cTake a look here at ADA\/USD. A lot of people are really excited about Cardano potentially setting in a triple bottom here. But I got to tell you, notice here how as time progresses consistent resistance, weaker relative highs here versus the past. I think this snaps lower. I think this is going down to $0.15.<\/em><\/p>\n

I\u2019m not here to argue about which projects are good or bad. I\u2019m here to say at the end of the day that the direction, the underlying thing that is going to set the momentum for either direction and price, the broad price performance of financial assets including cryptocurrencies is liquidity and unless liquidity starts to rebound, ADA is likely going lower.\u201d<\/em><\/p>\n

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Source: Nicholas Merten\/YouTube<\/figcaption><\/figure>\n

Cardano is trading for $0.24 at time of writing, down 0.3% in the last 24 hours.<\/p>\n

Lastly, the trader says that Ethereum appears stuck in a bearish cycle since April 2023 after failing to hold $2,000 as support.<\/p>\n

Ethereum is trading for $1,588 at time of writing, down 0.1% in the last 24 hours.<\/p>\n