Altcoins Plunge: Analyst Predicts Major Downturn For MATIC, ETH & BNB

• Analyst Bluntz predicts a major downturn in MATIC, ETH and BNB prices.
• MATIC is breaking down from a 12-month bear flag and could potentially drop by as much as 54%.
• Bluntz predicts that Ethereum will soon experience a significant decline after closing below an ascending channel.

Altcoins To Plunge: Analyst Predicts Major Downturn

Analyst Bluntz has predicted a major downturn in the prices of Polygon (MATIC), Ethereum (ETH), and Binance Coin (BNB). The crypto market appears to be in the midst of a downturn and investors should be aware of the potential downside for altcoins.

MATIC On The Decline

MATIC has been breaking down from a 12-month bear flag and recently closed solidly below a year-long channel, suggesting further descent. Bluntz predicts that MATIC could drop by as much as 54%, with a range of $0.40 to $0.50 being considered more realistic targets. Currently, it is trading at $0.869.

ETH Falling Below $1,700

For Ethereum, Bluntz notes that it has closed below an ascending channel over recent weeks, leading him to predict that ETH will fall below $1,700. It is currently valued at $1,842. He believes “the bottom will fall out of this market soon” given its bear flag retest appears complete.

BNB Downtrend Continues

Turning his attention to Binance Coin (BNB), Bluntz states that the utility token has faced substantial pressure when paired against both Bitcoin (BTC) and USDT Tether (USDT). He believes that BNB could potentially reach levels around $200 in the near term before bouncing back up again if BTC maintains its current bullish trend – which he considers unlikely given BTC’s recent struggles with resistance above $60K . At present, BNB is trading at around $426.

Conclusion

It remains to be seen whether or not Bluntz’s predictions come true but investors should certainly keep an eye on these three altcoins for indications of further price movements going forward.