Crypto analyst Ali Martinez has stated that technical indicators are giving sell signals for three popular altcoins. The analyst claims that signals previously seen before sharp price drops are reappearing in Near Protocol (NEAR), Zcash (ZEC), and BNB.
According to Martinez’s assessment, the TD Sequential indicator on Near Protocol’s weekly chart generated a sell signal. A similar signal in the past had led to a 32% drop in the NEAR price. The analyst noted that the altcoin is currently down 24%, pointing to $4.30 as a critical support level. He stated that a break below this level could lead to a further decline to $3.76.
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On the Zcash side, a different technical indicator was reported to be sounding the alarm. Martinez stated that the dots on the Parabolic SAR indicator had crossed above the price, indicating a downward trend. Previously, a similar signal had led to a 54% correction in the ZEC price. Noting that Zcash has fallen by 25% so far, the analyst said that if the $1,100 support level is broken, the $850 level could come into play.
The third altcoin the analyst warned about was BNB. Martinez noted that the SuperTrend indicator on the daily chart had turned into a sell signal, recalling that a previous similar signal had resulted in a 26% drop. Stating that the BNB price has fallen by 8% so far, the analyst said that if the $710 support level is lost, $680 could be the next target.
*This is not investment advice.
Continue Reading: Renowned Analyst Issues Sell Signal for 3 Altcoins: Watch These Levels