BNB May Plummet By 12% As Avalanche (AVAX) Witnesses An Imminent Fall To Below $14

Key Points:

• A pseudonymous analyst advises that the fifth-largest crypto asset by market value – Binance Coin (BNB) might fall by 12% from present levels.
• Avalanche – an Ethereum rival might fall to slightly around $14, which corresponds to the 61.8% Fibonacci level from the year-to-date high of $18.97.

A well-known cryptocurrency analyst and trader is pessimistic about Binance Coin (BNB) and one Ethereum (ETH) competitor in the short run.

Starting with Binance Coin, Smart Contracter, a pseudonymous analyst, advises that the fifth-largest crypto asset by market value might fall by 12% from present levels.

According to the charts, the trader using Elliott Wave Theory in his technical analysis believes Binance Coin has finished a five-wave bullish pattern and is prepared to correct up to roughly $265, which coincides with the 61.8% Fibonacci level from the year-to-date high of $323.

BNB coming down to minimum $265 in my opinion, is definitely on my radar for shorts on any bounce after daily close.

Binance Coin is currently going at $300 at the time of writing, rising roughly 24% since the year 2023 began.

Coincu reported 10 days ago, that Binance had just finished burning nearly 600 million USD of BNB – the plan to burn BNB takes place in accordance with Binance’s commitment.

Avalanche (AVAX), an Ethereum rival, comes next. According to Smart Contracter, after completing a five-wave bullish pattern, Avalanche might correct by up to 30% in February.

According to Smart Contracter’s charts, Avalanche might fall to slightly around $14, which corresponds to the 61.8% Fibonacci level from the year-to-date high of $18.97.

A lot of “majors” if we can call them have now done clean clear 5 wave rises on daily, not all of them, but enough. $avax is one i think we can potentially see 25-30% pullbacks begin over the course of the next month, hate to be the bearer of bad news but it is what it is.

Avalanche is trading for $18 at the time of writing, increasing 65% over the last month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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