Cardano (ADA), Binance Coin (BNB) and Two Extra Altcoins Not Signaling Crypto in Bear Market: Analyst Nicholas… – The Each day Hodl

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Crypto analyst Nicholas Merten says the performance of Cardano (ADA), Binance Coin (BNB) and two other altcoins is proof that digital asset markets are not yet in bear territory.

In a new strategy session, Merten says that one of the main characteristics of a crypto bear winter is altcoins starting to bleed against Ethereum (ETH).

He points out that Cardano in his Ethereum (ADA/ETH) pair is up over 30% over the past month, signaling a healthy investor appetite for altcoins, even as price action looks uncertain.

“We can see that ADA/ETH is up about 33% here since December, about a month ago… You can see here, up about 30% versus Ethereum in general. So this is kind of interesting… One would generally think that ADA would bleed harder than Ethereum.

We’re not here to follow the crowd. The crowd here was extremely bullish on ADA a few months ago. Now we have a discount and the trend is starting to get higher. That interests me.”

Merten says Binance Coin is telling the same story in its Ethereum pair (BNB/ETH).

“When we get back upstairs [resistance at 0.16 ETH or $521] We could really start to see some upward movement. We don’t see any major bleeding against Ethereum as we should see.”

The analyst says that despite already making big gains over the past year, smart contract platform Avalanche (AVAX) still looks bullish on Ethereum (AVAX/ETH), which bodes well for crypto markets overall.

“To be fair, the chart doesn’t look bad. I mean we have higher lows here, a consistent historical resistance range. When you surface above this area [0.03 ETH or $97], I think AVAX could continue to gain against Ethereum with a nice solid weekly close.”

According to Merten, the Ethereum competitor Solana (SOL) is also putting up a good fight against ETH. He says that SOL/ETH is looking resilient, which could be a sign that Solana has a chance to ignite another leg up in his bull cycle.

“There was momentum rolling there. It’s been stagnating against ETH since here in September. Still, we don’t see a big sell-off. Not in the slightest. So it’s just a matter of seeing if it breaks below the lows at 0.038 ETH ($123) or surges up here at 0.06 ETH ($195) and trending higher. I wouldn’t absolutely panic right now if I were a Solana owner… It’s still holding up pretty well.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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