By EWN • 11 March 2023 • 11:00
The famous pseudonymous crypto analyst Smart Contractor warned investors that the eminent cryptocurrencies like Ethereum and Binance are showing bearish signals. His latest forecast is creating a storm in the market as he has a record for accurately predicting the 2018 bearish market when Bitcoin’s price crashed to around $3,000.
Earlier this week, Crypto analyst Nicholas Merten, founder of the DataDash YouTube channel, predicted that the price of Ethereum could go down to a few hundred dollars if it sees what it saw in the previous market.
Now, Smart Contractor also predicted the same and shared some of the price charts on Twitter to explain his forecast. He mentioned that Ethereum is recording a bear flagging pattern in its price chart, which could lead to a bearish market trend. A bear flag is a candlestick pattern formed in a chart by two declines separated by a consolidating retracement period.
Smart Contractor suggested that it is “definitely not good” and “easy mode from the last few months looks like it’s over for now”. Finally, he warned the investors about the multi-month chop that he predicts will affect the market soon.
In this week alone, Ethereum suffered two major crises that greatly influenced its price. The silver gate bank’s insolvency turmoil had a great impact on Ethereum that dragged down the price below the $1,600 mark. The Federal reserve’s recent announcement about increasing the pace of rate hikes also had a negative influence on Ethereum’s price. Over the last 14 days, the price of Ethereum slipped by 6.2%.
Smart Contractor also predicted the bearish trend of the BNB, the native currency of the Binance exchange. In his Twitter post, he noted that the BNB price chart shows a head and shoulder pattern, which reflects the US authorities’ target on Binance.
The Head and Shoulder pattern has four components in it: 1. After a long bullish trend, the price rises to a peak, and declines to the base. 2. Then the price rises again to form a second high a little bit above the initial peak and declines again. 3. In the third time, the price again rises to the peak but only to the first peak level before declining. 4. The neckline is drawn at the two peaks. Of these, the second peak is the head. The third and first peaks are shoulders. This trend signals that an upward trend is nearing its end.
BNB is witnessing this head and shoulder pattern at a time when the US agencies are targeting Binance by issuing new orders and placing regulations against it. Three weeks ago, the New York State Department of Financial Services instructed the BUSD issuer Paxos to stop minting new BUSD. Last week, US senators sent a letter to Binance asking to provide transparency about potentially illegal business practices.
Smart Contractors also mentioned US authorities’ crackdown on Binance in his post.
The crypto market has been witnessing extreme volatility for the past two weeks now. The Silvergate Banks financial crisis and the US federal reserves announcement about the increasing pace of rate hikes have heavily influenced the market this week. Though the market as a whole is witnessing a downfall, the newcomer, Big Eyes Coin, is marching fast forward to hit the next target in its presale stage.
Two days ago, the Big Eyes Coin announced that it had raised more than 31 million dollars in its 12th stage of the presale. The enticing offers from the Big Eyes Coin continue to pull more investors into the cute community.
Recently, Big Eyes Coin released four types of loot boxes that could offer BIG tokens worth up to one million dollars. Now, Big Eyes Coin has come up with another amazing offer to surprise its investors. It released a vault pin to win free loot boxes on purchases over $100. To earn these free loot boxes, investors should use the vault pin 819 at the time of purchase. An investor who spends $100 will get a Saver Tin that could return BIG tokens worth up to $500. If you spend $1000, you will get a Cute Box that gives you BIG tokens worth up to $5,000. Investors who spend $10,000 on BIG tokens will be given a chance to earn BIG tokens worth up to $100K through a free Super Saiyan Box.
A single unit of the BIG token costs $0.00049 only. It has already raised more than 31 million dollars in its 12th stage of presale and is growing steadily to hit its target to reach the next stage of the presale. As the price is expected to rise in the next stage, investors can earn more BIG tokens by investing without delay.
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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