A much-followed crypto trader is issuing a warning on Binance Coin (BNB) as he charts the way forward for two Ethereum (ETH) competitors.
Pseudonymous Trader Altcoin Sherpa tells are 195,900 Twitter followers that BNB, the utility token of the Binance Smart Chain, is sending out ominous signals.
According to Altcoin Sherpa, BNB could fall more than 20% to revisit its last reached lows in June 2022 if the current support level does not hold.
“BNB: It gets really ugly below these lows. $180 or less is the area you would look at if this current region is lost. Lots of Fear, Uncertainty and Doubt (FUD) around this one, I personally wouldn’t desire this.
BNB is trading at USD 244 at the time of writing.
The next step is Avalanche (AVAX). While predicting that the Ethereum rival could appreciate in the medium term, the pseudonymous crypto analyst urges caution while Avalanche hovers below the 200-period exponential moving average (EMA).
“AVAX: 200 days EMA here so be careful. But I think it will be higher in the medium term.
Avalanche is trading at USD 14.28 at the time of writing.
As for Cosmos (ATOM), Altcoin Sherpa says the 26th largest crypto asset by market cap faces vague outlook in the short to medium term.
“ATOM: I don’t really see this as a great short or medium term. The fundamentals are good, but I just don’t see a reason to buy this right now. ATOM did a great job in 2021, but I think it will continue to consolidate for a while.”
Cosmos is trading at $9.52 at the time of writing.
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Image generated: Midway through the journey