Trader Issues Warning About a Prominent Altcoin's Precarious Position, Provides Latest Insights on Bitcoin and Ethereum
The Highly Respected Pseudonymous Trader, Altcoin Sherpa, Issues a Cautionary Alert on Three of the Top Ten Cryptocurrency Assets by Market Capitalization
Altcoin Sherpa, Addressing His 196,400 Followers on X Social Media Platform, Raises Concerns About Binance Coin (BNB), the Native Token of Binance Smart Chain and a Utility Token on the Binance Cryptocurrency Exchange, Describing Its Current Situation as 'Precarious.'
He Advises, 'It Is Prudent to Exercise Caution with This Asset in the Short Term. While I Maintain a Positive Outlook on Binance, It Is Crucial to Be Cautious Amidst the Present Uncertainty.
The analyst's chart analysis indicates that the cryptocurrency, ranked as the fourth-largest by market capitalization, is currently experiencing a lack of upward momentum. This is evident from its repeated failure to breach the resistance level at approximately $330, a challenge it has faced six times since May 2022. Concurrently, Altcoin Sherpa's chart reveals that Binance Coin (BNB) has broken below a range it held for two months, with the next support level positioned more than 10% lower than its present value.
As of the time of writing, BNB is trading at $210.
Shifting focus to Bitcoin (BTC), Altcoin Sherpa expresses optimism regarding the flagship cryptocurrency in the immediate future.
He comments, 'Regarding BTC, I still hold the view that it's poised to reach $28,000 overall. The four-hour exponential moving averages indicate short-term strength without overextension, leading me to anticipate another upward push.
At the time of composing this content, Bitcoin is currently priced at $26,717.
Regarding Ethereum (ETH), the trader anticipates that the price movement of the second-largest cryptocurrency by market capitalization in relation to Bitcoin will play a pivotal role in shaping the future of altcoins.
He states, 'ETH: I believe it's approaching the opportune moment to consider investing in altcoins for a potential surge... I would prefer to witness a slight decrease in ETH/BTC before seeking an opportunity for a substantial altcoin rally by year-end.
Sep 22, 2023