dailyhodl.com
A widely followed crypto trader is issuing a warning on Binance Coin ($BNB) as he charts the path forward for two Ethereum (ETH) competitors.
Pseudonymous trader Altcoin Sherpa tells his 195,900 Twitter followers that $BNB, the utility token of the Binance Smart Chain, is flashing ominous signs.
According to Altcoin Sherpa, $BNB could plunge by over 20% to revisit lows last reached in June of 2022 if the current support level fails to hold.
“$BNB: It gets really ugly below these lows. $180-ish or lower is the area you’d view if this current region gets lost. Lots of Fear, Uncertainty and Doubt (FUD) around this one, I wouldn’t personally long here.”
$BNB is trading at $244 at time of writing.
Next up is Avalanche ($AVAX). While predicting that the Ethereum rival could appreciate over the medium term, the pseudonymous crypto analyst urges caution as Avalanche hovers below the 200-period exponential moving average (EMA).
“$AVAX: 200 day EMA right here so be careful. But I think this goes higher in the midterm.”
Avalanche is trading at $14.28 at time of writing.
Turning to Cosmos ($ATOM), Altcoin Sherpa says that the 26th-largest crypto asset by market cap is facing dim prospects over the short to medium term.
“$ATOM: I don’t really see this being a great one in the short or mid-term. The fundamentals are good but I just don’t see a reason to buy this as of right now. $ATOM did excellent in 2021 but I think it is going to continue to consolidate for a while.”
Cosmos is trading at $9.52 at time of writing.
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