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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The post Crypto Trader Warns It Could Get ‘Really Ugly’ for Binance Coin (BNB), Updates Outlook on Two Ethereum Rivals appeared first on The Daily Hodl.
