Altcoin Sherpa, followed by many investors in the crypto world, warns about three major cryptos among the top 10. In particular, the analyst recommends staying away from Binance-backed BNB in the short term.
Altcoin Sherpa raises alarm about BNB Coin (BNB)
You can take a look at the analyst’s accurate predictions in this article. In his current analysis, Altcoin Sherpa expressed concerns about BNB Coin, the native token of Binance Smart Chain. Stating that BNB, which is known for its sudden movements, is holding on “for dear life”, the analyst said, “I recommend you to stay away from this altcoin in the short term. “I think Binance is probably OK, but it pays to be careful in these uncertain times,” he said.
According to Sherpa’s chart analysis, BNB has been unable to break the resistance at around $330 despite trying six times since May 2022. Additionally, he noted that BNB has broken out of a price range it has formed over the past two months, and the next support level is 10% below its current price.
$BNB: Hanging on for dear life. I think it's best to stay away from this one in the short term. I still think Binance is likely ok but it's important to be cautious during these uncertain times. #BNB pic.twitter.com/DNOFMywRQ3
— Altcoin Sherpa (@AltcoinSherpa) September 20, 2023
BNB Coin (BNB) price is trading at $210.72, up 0.13% in the last 24 hours. However, it decreased by 0.63% on an overall weekly basis. These movements show BNB’s dynamic position in the market. Altcoin Sherpa draws attention especially to the resistance in the $330 region.
Analyst sees positive signals for Bitcoin (BTC)
Altcoin Sherpa painted a more hopeful picture when it comes to Bitcoin. Stating that he is bullish on this leading cryptocurrency in the short term, Sherpa said, “I still believe that Bitcoin will reach the $ 28,000 level in general. The four-hour exponential moving averages look good in the short term. Not overextended; “I think we will see another rise soon,” he said.
Bitcoin (BTC) increased by 0.57% in the last 24 hours to 26,648.38. Overall, it increased by 0.76% on a weekly basis. These data reveal Bitcoin’s strong position and stability in the market.
Sudden movements in the Ethereum (ETH) market
Finally, talking about Ethereum (ETH), Altcoin Sherpa emphasized that the price performance of this huge altcoin against Bitcoin will determine what other altcoins will do. “I expect Ethereum to fall a little more against Bitcoin. “I also hope to see good altcoin movement by the end of the year,” he said.
In summary, Altcoin Sherpa’s analyzes contain important clues for market movements. His warnings, especially regarding BNB Coin, may be an opportunity for investors to review their strategies.
Finally, Ethereum (ETH) price increased by 1.05% over the last 24 hours to $1,597.86. However, on a weekly basis, it shows a decrease of 1.56%. As we reported as Kriptokoin.com, Vitalik Buterin’s sales took place during the developments surrounding the leading altcoin today.
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