A closely followed crypto strategist says an Ethereum (ETH)-based altcoin is showing 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 upward trend of the blockchain-based rendering protocol Render (RNDR) appears to be over for now.
According to the crypto strategist, RNDR has been anemic for the past few weeks suggests that traders have lost interest in the project on the Ethereum network.
“RNDR: I think this one looks tired and expect much lower prices.
Few trends are sustainable. Most will go all the way back down and very few alts outperform ETH in the long run.
I’m looking for shorts…
You can see the last push-up of exhaustion. I think this one goes much lower. $1 or less over time.”
Render is trading at $2.27 at the time of writing.
Next up is Binance Coin (BNB), the utility token from the world’s largest crypto exchange. Altcoin Sherpa say that traders should think twice about going overly bearish on the fourth-largest altcoin by market cap, as he says BNB is still trading within its annual range.
“BNB: I don’t see any real trend change for BNB in general. It’s still in the same range as last year, and I think probably test around $220-250.
I still think Binance is fine and will be the leader for the foreseeable future…
I don’t think this is a good area to go short. It’s still a decent range of support and the EQ (balance) of the entire range. I would wait for a further breakdown or an increase to $300 before personally shorting.”
BNB is trading at $260 at the time of writing.
As for the decentralized oracle network Chainlink (LINK), the crypto trader say that the altcoin could spark a near-term rally if it reached a major support level.
“LINK: I expect this to bounce around $5.50. Reach lows and should be good.
This current area is also a support level, so anywhere in the range lows here seems reasonable for support.
At the time of writing, LINK is trading at $5.90.
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