By The Daily Hodl - 8 months ago - Reading Time: 2 minutes
Crypto Trader Calls One Blue-Chip Altcoin’s Price Action ‘Scary’, Updates Outlook on Bitcoin and THORChain
A widely followed crypto trader says that Binance Coin (BNB) is dangerously close to losing key support amid a bearish digital assets market.
Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that BNB could dip below the $200 level as the altcoin trades well below its 200-day simple moving average (SMA).
“BNB: Shit is looking scary overall…
Sub $200 and things are very grim for BNB.
I’m still a believer in Binance though and think they’ll be OK.”
Source: Altcoin Sherpa/XAccording to the analyst, BNB will likely see more downside after retesting $220 as resistance.
“BNB: Bearish retest for now. Scary stuff…”
Source: Altcoin Sherpa/XBinance Coin is trading for $216 at time of writing, down 0.5% in the last 24 hours.
Next, the trader says Bitcoin (BTC) could see a market correction if it fails to stay above the recent higher low in June at the $24,900 level.
“BTC: things are honestly looking a little scary overall on higher time frames. Wasn’t convinced with the recent higher high and we could be seeing some market structure shift soon if this low gets lost. Going to keep an eye out.”
Source: Altcoin Sherpa/XBitcoin is trading for $26,046 at time of writing, down 2.1% in the last 24 hours.
Lastly, the trader weighs in on the decentralized cross-chain liquidity protocol THORChain (RUNE).
He is keeping a close watch on the Fibonacci retracement levels and predicts RUNE may dip to the .50 Fib level at $1.45 or even lower to the .618 Fib at $1.32, before bouncing past $1.73.
“RUNE: .382 fib didn’t provide much of a bounce, looking lower. .50 fib and the .618 are attractive given the market conditions. I don’t personally think this will bounce and continue past the recent high, but I think going to higher fibs is logical.”
Source: Altcoin Sherpa/XTHORChain is trading for $1.49 at time of writing, down 7.1% in the last 24 hours.
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Original source: The Daily Hodl