Technical Analyst Highlights Sell Signals for Three Altcoins

Renowned crypto analyst Ali Martinez has pointed out concerning technical signals suggesting potential declines for three notable altcoins: Near Protocol (NEAR), Zcash (ZEC), and BNB. According to his analysis, these signals have previously been precursors to significant price drops.

Near Protocol (NEAR)

Martinez identified a sell signal on the weekly chart for NEAR using the TD Sequential indicator. Historical data shows that a similar signal previously triggered a sharp 32% decrease in NEAR’s price. Currently, the altcoin is down about 24% from recent highs and is testing a crucial support level at $4.30. A breakdown below this threshold could lead to further declines, potentially dropping to $3.76.

Zcash (ZEC)

For Zcash, Martinez referenced a different technical indicator that indicates troubling signs. The Parabolic SAR has recently crossed above the price, a movement that typically denotes a downward trend. Historically, a similar instance has led to a notable 54% correction in ZEC’s price. With zec already experiencing a 25% decline, the analyst warned that losing the support level at $1,100 might see prices plummet to around $850.

BNB

Martinez’s concerns extend to BNB as well, where the SuperTrend indicator has flipped to a sell signal on the daily chart. This shift is reminiscent of earlier signals that caused a 26% drop in price. Currently, BNB has decreased by 8%, and the analyst notes that if the $710 support level fails, the next target could be $680.

Investors are advised to proceed with caution as these technical indicators raise alarms across the altcoin market.