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The Best Cryptocurrency, Blockchain and Forex News Aggregator
The post BNB and AVAX Price at Risk of Major Pullback – Here Are The Levels To Watch appeared first on Coinpedia Fintech News The cryptocurrency market is currently leaning […]
The post BNB and AVAX Price at Risk of Major Pullback – Here Are The Levels To Watch appeared first on Coinpedia Fintech News
The cryptocurrency market is currently leaning towards a bearish trend as the first-born cryptocurrency, Bitcoin, has once again lost its $23,000 level. The same is the case with Ethereum, Solanal, XRP, BNB and many other large-cap altcoins. Overall, the crypto market is appearing quite bearish at the moment.
Currently, Bitcoin is selling at $22,989 after a pull back of 0.25% over the last 24hrs.
Meanwhile, a renowned crypto analyst and trader who is anonymously known as Smart Contracter is portraying a bearish stance towards Binance Coin (BNB) and Avalanche (AVAX).
The analyst makes an effort to inform his 219,100 Twitter followers that Binance Coin (BNB) is about to lose nearly 12%.
The above chart suggests that the Binance Coin which has now completed its fifth bullish wave will see a correction near $265. This $265 trade level is where the 61.8% Fibonacci area from the year-to-date high of $323 clashes. Smart Contracter uses Elliott Wave theory for his technical analysis.
At the time of writing, Binance Coin is valued at $305.3 after a loss of 0.14% in the last one day.
Next, the analyst brings up Avalanche (AVAX) where he claims that this Ethereum competitor will see a correction of nearly 30% in the next month. This he expects to happen once AVAX completes its five wave bullish pattern which will happen in February.
Currently, Avalanche is changing hands at $18.16 with a gain of 0.23% in the last 24hrs.
