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Crypto analyst Nicholas Merten says that the performance of Cardano (ADA), Binance Coin (BNB) and two other altcoins are proof that the digital asset markets are not yet in bear territory.<\/p>\n
In a new strategy session, Merten says that one of the main hallmarks of a crypto bear winter is when altcoins start bleeding against Ethereum<\/a> (ETH).<\/p>\n He points out that over the past month or so, Cardano<\/a> in its Ethereum pair (ADA\/ETH) has rallied over 30%, signaling healthy investor appetite for altcoins even as price action looks uncertain.<\/p>\n \u201cWe can see that since back in December, about a month ago, ADA\/ETH has made about a 33% move here\u2026 You can see here, generally speaking about a 30% move up against Ethereum. So that\u2019s kind of interesting\u2026 You\u2019d generally think that ADA would be bleeding heavier than Ethereum.<\/em><\/p>\n We\u2019re not here to follow the crowd. The crowd was extremely bullish on ADA back here a couple of months ago. Now we\u2019ve got a discount, and it\u2019s starting to trend higher. That\u2019s something that interests me.\u201d<\/em><\/p>\n Merten says Binance Coin<\/a> is telling the same story in its Ethereum pair (BNB\/ETH).<\/p>\n \u201cIf we get back above [resistance at 0.16 ETH or $521] we could really start to see a move higher. We\u2019re not seeing any major bleeding against Ethereum, as we should see.\u201d<\/em><\/p>\n The analyst says that despite already putting in major gains over the past year, smart contract platform Avalanche<\/a> (AVAX) still looks bullish against Ethereum (AVAX\/ETH), which bodes well for the crypto markets at large.<\/p>\n \u201cTo be fair, the chart doesn\u2019t look bad. I mean we\u2019ve got higher lows here, consistent historical resistant range. If you pop up above this range [0.03 ETH or $97], I think with a nice solid weekly close, AVAX could continue rallying big time against Ethereum.\u201d<\/em><\/p>\n