Experienced cryptocurrency analyst and trader, Altcoin Sherpa, has warned that Binance Coin (BNB), one of the leading members of the cryptocurrency market in a downtrend, is at risk of losing its key support level in its price chart. The analyst also issued a potential decline warning for the largest cryptocurrency, Bitcoin (BTC).
Altcoin Sherpa Expects Binance Coin (BNB) to Fall Below $200 Support
Prominent cryptocurrency analyst and trader, Altcoin Sherpa, highlighted that Binance’s service token, BNB, could fall below $200 as it is trading well below its 200-day Simple Moving Average (SMA) on the social media platform X. This indicates a significant drop in price.
Regarding the expected decline in BNB, the analyst stated, “It looks scary overall. Things will be very brutal for BNB below $200. Nevertheless, I still believe in Binance and think they will be fine.”
According to Altcoin Sherpa, after retesting the resistance level of $220, BNB will likely reverse its direction and experience a much more significant pullback. The analyst warned, “BNB is currently in a downtrend. It will fall much further, and scary things will happen.”
$24,900 Emerges as Critical Level for Bitcoin
Following the alarming warning for Binance’s BNB, Altcoin Sherpa turned to Bitcoin and believes that if the largest cryptocurrency fails to stay above the last significant low of $24,900 recorded in June, a decline could be inevitable. The analyst commented on BTC:
On higher time frames, things look somewhat scary for Bitcoin. The recent high does not convince me, and if the price falls below the last significant low level ($24,900), we may soon see some changes in market structure.
According to data from cryptocurrency data and price platform CoinMarketCap, the crypto king is trading at $26,093, representing a 1.55% decline during the day. Although BTC generated a trading volume of $12.34 billion in the last 24 hours, data shows a 24.14% decrease in trading volume during this period.
