The cryptocurrency market is currently leaning towards a bearish trend as the first-born cryptocurrency, Bitcoin, has once again lost its $23,000 level. The same is the case with Ethereum, Solanal, XRP, BNB and many other large-cap altcoins. Overall, the crypto market is appearing quite bearish at the moment.
Currently, Bitcoin is selling at $22,989 after a pull back of 0.25% over the last 24hrs.
Meanwhile, a renowned crypto analyst and trader who is anonymously known as Smart Contracter is portraying a bearish stance towards Binance Coin (BNB) and Avalanche (AVAX).
BNB Price Analysis
The analyst makes an effort to inform his 219,100 Twitter followers that Binance Coin (BNB) is about to lose nearly 12%.
The above chart suggests that the Binance Coin which has now completed its fifth bullish wave will see a correction near $265. This $265 trade level is where the 61.8% Fibonacci area from the year-to-date high of $323 clashes. Smart Contracter uses Elliott Wave theory for his technical analysis.
At the time of writing, Binance Coin is valued at $305.3 after a loss of 0.14% in the last one day.
Next, the analyst brings up Avalanche (AVAX) where he claims that this Ethereum competitor will see a correction of nearly 30% in the next month. This he expects to happen once AVAX completes its five wave bullish pattern which will happen in February.
Currently, Avalanche is changing hands at $18.16 with a gain of 0.23% in the last 24hrs.