According to KOL Nicholas Merten, ETH, BNB, XRP and an ETH competitor could lead the altcoins rally.
A prominent analyst examines the bitcoin pairs of some of the top altcoins to see their short-term prospects.
In one Video Recently, Nicholas Merten told his 511,000 YouTube subscribers that recent macroeconomic and geopolitical uncertainty has disrupted momentum in the altcoin market.
However, Merten said that the current volatility will likely provide an opportunity for the next bull run, with multiple altcoins leading the way, starting with Ethereum (ETH).
“In general, Ethereum has been making higher highs. One here in May and one here in December 2021.
And it keeps making higher lows.”
“What has happened over the past year, Ethereum has been flat against Bitcoin and has made higher highs.
This is a sign of an uptrend.”
ETH/BTC Weekly Chart | Source: Nikolaus Merten/YouTube
At the time of writing, Ethereum is up 10.26% on the day and is trading at $2,932.
Moving on to Binance Coin, Binance’s native token, the analyst said BNB is a giant in the crypto space, noting that its rapidly growing user base may soon reflect its price.
“Overall, the key resistance for BNB is around 0.012 BTC ($496). We can see BNB building a consistent uptrend with higher lows, suggesting it may be set to retest resistance a third time and break out higher.” .
3-day BNB/BTC chart | Source: Nikolaus Merten/YouTube
Binance Coin is currently trading at $414, up 12% on the day.
Next, the analyst is keeping an eye on XRP and examining how global events could work in the altcoin’s favour.
“XRP has always been a controversial coin in the crypto space. With all the censorship surrounding the SWIFT payments network regarding the war in the market, Ripple’s technology can gain a foothold with the current ongoing geopolitical issues. [Nga/Ukraine]…
I’ve seen the bulls start buying XRP/BTC at a higher price…
If we are in a bear market, why would anyone pay a higher premium for altcoin/bitcoin pairs?
So I don’t think we’ve entered the bear market yet.”
XRP/BTC weekly chart | Source: Nikolaus Merten/YouTube
XRP is the sixth-ranked cryptocurrency by market cap, up 7.15% to $0.77 in the last 24 hours.
The last altcoin on Merten’s radar is Ethereum’s competitor, Cardano (ADA).
“I’m looking for some key support levels that ADA will retest.
The 2000 satoshi ($0.78) is a very important level to watch… to see what happens if the price falls and retests the 2000 satoshis… I think the price will start a rally here.”
Weekly ADA/BTC Chart | Source: Nikolaus Merten/YouTube
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
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