A widely followed analyst is urging caution on a multi-billion dollar crypto asset as it hovers above a key support level.
Pseudonymous trader Altcoin Sherpa tells his 196,700 Twitter followers that the utility token of the Binance crypto exchange and the native token of the Binance Smart Chain (BNB) is “not looking great, to be honest.”
“While I believe in Binance longer term, there’s so much fear, uncertainty, doubt (FUD) associated with that exchange that it’s probably best to be cautious overall. Not trading this one currently.”
BNB, the fourth-largest crypto asset by market cap, is trading at $208 at time of writing.
Turning to Bitcoin (BTC), Altcoin Sherpa says that the flagship crypto asset could fall to “$27,000 or lower” amid bearish price action.
“It’s an area [$27,000] that has a lot of support/confluence and, given this current environment, I don’t know if we’re going to see one of those big rips to the downside (in the short term).
More likely that we grind down I think.”
Bitcoin is trading at $27,223 at time of writing.
Next up is the native token of non-fungible token (NFT) marketplace Blur (BLUR). According to Altcoin Sherpa, BLUR is currently “probably undervalued” given the fact that the NFT marketplace’s older competitor, OpenSea, is likely to be worth “billions”.
The pseudonymous analyst, however, says that he doesn’t “see any reason to buy” the altcoin at the moment while attaching a chart that shows BLUR consistently and consecutively hitting new all-time lows over its lifetime, amid declining volumes.
BLUR is trading at $0.159 at time of writing, down by over 95% from the all-time high reached in February this year.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2023/10/12/crypto-trader-warns-one-top-10-blue-chip-altcoin-not-looking-great-updates-outlook-on-bitcoin-and-blur/