A closely followed crypto strategist says that an Ethereum (ETH)-based altcoin is flashing signs of bullish exhaustion as he details his forecast for Binance Coin (BNB) and Chainlink (LINK).
Pseudonymous trader Altcoin Sherpa tells his 195,900 Twitter followers that the recent uptrend of the blockchain-based rendering protocol Render (RNDR) appears to be over for now.
According to the crypto strategist, RNDR’s anemic volume over the last few weeks suggests that traders have lost interest in the project running on the Ethereum network.
“RNDR: I think this one looks tired, expecting much lower prices.
Very few trends are sustainable. Most will go all the way back down and very few alts outperform ETH over the long run.
Am looking for shorts…
You can see the one last exhaustion push-up. I think that this one goes much lower. $1 or lower in time.”
Render is trading at $2.27 at time of writing.
Next up is Binance Coin (BNB), the utility token of the world’s largest crypto exchange. Altcoin Sherpa says that traders should think twice about becoming overly bearish on the fourth-largest altcoin by market cap as he says BNB is still trading within its yearly range.
“BNB: I don’t see a true trend change for BNB overall. It’s still in the same range it’s been in for the last year, and I think a test around $220-250 is probably coming.
I still think Binance is ok and will be the leader for the foreseeable future…
I don’t think this is a good area to short. It’s a decent support area still and the EQ (equilibrium) of the entire range. Would wait for further breakdown or a move up to low $300s before shorting personally.”
BNB is trading at $260 at time of writing.
Turning to the decentralized oracle network Chainlink (LINK), the crypto trader says that the altcoin could ignite a short-term rally should it hit a key support level.
“LINK: Expecting this to bounce around $5.50. Range lows and should be fine.
This current area is also a support level, so anywhere here to the range lows seems decent for support.”
At time of writing, LINK is trading for $5.90.
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The post Trader Predicts Ethereum-Based Altcoin Will Plummet by Over 50%, Updates Outlook on Binance Coin and Chainlink appeared first on The Daily Hodl.
