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Crypto analyst and DataDash host Nicholas Merten predicts that altcoins such as Ethereum (ETH), Solana (SOL) and Cardano (ADA) will fall in value.
new videoMerten tells his 513,000 YouTube subscribers that the 200-day moving average against Bitcoin (BTC) is currently acting as resistance for multiple altcoins in a bear market.
In the last bull market, this was one indicator of a ‘Buy Dip Opportunity’.
There is likely to be another period of altcoin decline and accumulation.
Merten said the 200-day moving average has acted as the cryptocurrency’s second-largest resistance line since Ethereum’s price drop in September and is not an indicator of support.
Normally, the 200-day moving average is the time to buy stocks and be bullish, right? Many of these altcoins are now starting to find resistance around these moving averages. And Ethereum is not alone here.
Cardano, we’ve seen the 200 day moving average starting to act as a resistance virtually every time since stocks and crypto basically started dropping last October. However, it is not retained and immediately reverts.
i am not negative here [Cardano co-creator] charles hoskinson or cardano as a project basically i’m just saying price action is telling me i don’t need to rush into this. Expectations should be set low at , and it may drop to the previous range or lower price range. Must see, right?
Again, I’m not here to say exactly where things are going. My key takeaway here is to set standards here and not get caught here buying what you consider a downfall. ”
Merten also said that Solana could fall into its previous support range and “could take years to recover” to its current price.
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