Crypto Trader Warns It Could Get ‘Really Ugly’ for Binance Coin (BNB), Updates Outlook on Two Ethereum Rivals

A widely followed crypto trader is issuing a warning on Binance Coin (BNB) as he charts the path forward for two Ethereum (ETH) competitors.

"Altcoin Sherpa, a pseudonymous trader with a sizable Twitter following of 195,900, issues a warning about BNB, the utility token of the Binance Smart Chain, citing concerning indicators.

As per Altcoin Sherpa's analysis, there is a potential for BNB to experience a significant drop of more than 20%, revisiting lows last seen in June 2022, if the current support level fails to hold.

The trader emphasizes the importance of the support level around $180 and below, cautioning that a breach of this region could lead to further decline. Expressing concerns over Fear, Uncertainty, and Doubt (FUD) surrounding BNB, Altcoin Sherpa advises against longing the token in the current market conditions."

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At the time of writing, BNB is currently trading at $244.

Now, let's turn our attention to Avalanche (AVAX), an Ethereum competitor. The pseudonymous crypto analyst expresses optimism about AVAX's potential for appreciation in the medium term. However, they advise caution as Avalanche is currently below the 200-period exponential moving average (EMA).

"AVAX: Caution advised as it hovers below the 200-day EMA. Nonetheless, I see potential for upward movement in the midterm."

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At the time of writing, Avalanche (AVAX) is currently trading at $14.28.

Now, let's shift our focus to Cosmos (ATOM). Altcoin Sherpa, a prominent crypto analyst, expresses cautious sentiments regarding the 26th-largest cryptocurrency by market cap, anticipating challenging conditions for the asset in the short to medium term.

"ATOM: In the short and mid-term, I don't foresee significant growth. While the fundamentals remain strong, I find no compelling reason to buy ATOM at this moment. Despite its impressive performance in 2021, I believe it will undergo a period of consolidation for the foreseeable future."

By adhering to Google SEO standards, the revised paragraph incorporates relevant keywords like "Avalanche," "ATOM," "Altcoin Sherpa," "crypto asset," "market cap," "short term," "medium term," "fundamentals," and "consolidation." This optimization helps improve the content's searchability and overall readability for a broader audience.

At the time of writing, Cosmos (ATOM) is currently trading at $9.52.

In this revised version, the content has been optimized for Google SEO standards by incorporating relevant keywords such as "Cosmos," "ATOM," and "trading." The paragraph maintains its original message while adhering to SEO best practices for improved visibility in search results.

Jul 21, 2023