Widely followed crypto analyst Nicholas Merten says Binance Coin (BNB) looks like it’s on the verge of collapsing despite holding up relatively well compared to other altcoins.
In a new video update, the host of DataDash tells his 511,000 YouTube subscribers that fear, uncertainty and doubt (FUD) surrounding Binance be contributing to the recent stagnation of BNB.
“BNB – which was one of the more stronger players throughout 2021 and 2022 – take a look at the monthly or weekly. It just looks abysmal. It looks like it’s ready to fall off a cliff here. There’s no upward momentum of higher lows and higher highs…
People are worried that BNB may potentially be listed as a security, barring it from being able to be listed on a lot of US exchanges.
We’ve been actually quite subtle here around the Binance FUD in this space. I don’t know if a lot of that FUD is genuine or justified whatsoever. I don’t see any problem with withdrawing your funds off exchanges, but at the same time Binance I think is up there with Coinbase to a large degree in a lot of ways. It almost fits into that tier of Coinbase, Kraken level exchanges, like the really decent ones that you can always have a high degree of trust in.”
Merten is also warning of bearish action in the equities markets weighing down on crypto. He warns that the S&P 500, which often correlates with price action in crypto assets, is potentially setting up for a 2008-style plunge.
“It looks like we are coming right back down to see whether or not the S&P 500 can hold on that 200-week like it did before. If it snaps through there. If it cannot hold that range of support, you’ve got a great thesis for this pulling not just a March 2020 collapse, but potentially having a 2008-style collapse.
…Perhaps it’s not going to be as brutal as 2008. Perhaps it won’t be as brutal as the dot.com bubble. I’m not here to say that. What I’m here to say though, is that the charts are at least telling us we’ve got more pain to come.”
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Featured Image: Shutterstock/Alberto Andrei Rosu
