Binance Coin (BNB) is currently facing a potential downward spiral, according to renowned crypto trader Altcoin Sherpa. With a significant number of Twitter followers, Altcoin Sherpa warns that if the current support level fails to hold, BNB could experience a plunge of over 20% and revisit lows last seen in June 2022.
Altcoin Sherpa emphasizes the presence of Fear, Uncertainty, and Doubt (FUD) surrounding BNB, which adds to the cautionary sentiment. As a result, Altcoin Sherpa advises against longing BNB at the moment. The trader believes that if BNB drops below the current region, it could reach the $180 range or even lower. Altcoin Sherpa’s prediction sends a warning signal to investors, urging them to exercise caution when dealing with BNB.
At the time of writing, BNB is trading at $244, reflecting its current price volatility. The uncertainty surrounding BNB stems from various factors, such as market trends and overall sentiment towards the token. Monitoring these factors is crucial for traders and investors to make informed decisions.
Moving on to Avalanche (AVAX), Altcoin Sherpa provides a more optimistic outlook for this Ethereum competitor. While the trader believes AVAX has the potential to appreciate over the medium term, caution is still advised. Altcoin Sherpa highlights that AVAX is currently trading below the 200-day exponential moving average (EMA), indicating a potential resistance level.
Related Post
Despite this cautionary note, Altcoin Sherpa expresses confidence that AVAX has room for growth in the coming months. Traders and investors who understand the risks associated with AVAX could potentially benefit from its future positive performance. As of now, AVAX is trading at $14.28, presenting an opportunity for those interested in the token.
Lastly, Altcoin Sherpa discusses Cosmos (ATOM), the 26th-largest cryptocurrency by market capitalization. Although the fundamentals surrounding ATOM are strong, Altcoin Sherpa does not foresee favorable conditions for the token in the short or medium term. The trader suggests that ATOM may continue to consolidate for a while before experiencing significant growth.
ATOM is currently trading at $9.52, reflecting its consolidated state. While ATOM had a successful year in 2021, Altcoin Sherpa believes that it may require more time before it undergoes another significant price surge. Investors interested in ATOM should exercise patience and closely monitor market trends to make well-informed decisions.
It is crucial to note that Altcoin Sherpa’s analysis and predictions are subjective and based on the trader’s perspective. Traders and investors should conduct their own research and due diligence before making any investment decisions. The cryptocurrency market is known for its volatility, and factors such as market sentiment and regulatory developments can significantly impact the performance of individual tokens.
To summarize, Altcoin Sherpa issues a warning regarding Binance Coin (BNB) and its potential downward spiral. The trader advises caution when dealing with BNB due to the fear, uncertainty, and doubt surrounding it. Additionally, Altcoin Sherpa highlights the potential for appreciation in Avalanche (AVAX) over the medium term while urging caution due to its position below the 200-day EMA. Lastly, Altcoin Sherpa believes that Cosmos (ATOM) may continue to consolidate before experiencing significant growth. Traders and investors should carefully consider these insights and conduct their own research to make informed decisions in the volatile cryptocurrency market.
