A closely followed crypto analyst says that one large-cap altcoin is showing unique strength in the midst of an ongoing correction in the digital asset markets.
Michaël van de Poppe tells his 614,000 followers that Binance Coin (BNB), the utility token of leading crypto exchange platform Binance, is one of the only coins that currently has an appealing market structure.
In a new strategy session, Van de Poppe says BNB bulls may be able to catch a rally by getting in somewhere between $215 and $211.
“BNB against [stablecoin] USDT is maybe the one coin that I’ll be looking at when it comes to potentially looking at longs. Right now, we have been rejecting, but we are actually gaining a level…
I want to see a level being gained here in order to see continuation. So if you want to look for longs on BNB, I think it makes sense to start looking at the range that we have here around $216 to $215. Maybe if you are a little bit more defensive you can start looking at $211, but this is the only coin showing strength now.”
The analyst also says BNB could be on track to reach the $256 level, which is roughly 20% above current prices.
“Still looking fine here for BNB. Structure on ETH [Ethereum] is similar, as well.”
When it comes to Bitcoin (BTC), the analyst says that the leading crypto asset by market cap has three potential scenarios ahead of it.
“There are three scenarios I’m looking at with Bitcoin. The first level of support it’s currently resting on, but the lowest confirmations.
Preferably sweep of the lows and reclaim is a trigger or flip of $20,000.”I
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Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia Siiatovskaia
Source: https://dailyhodl.com/2022/07/04/analyst-says-one-altcoin-quietly-flashing-strength-despite-market-correction-updates-bitcoin-outlook/