Experienced crypto analyst and trader Altcoin Sherpa commented on the current outlook for three cryptocurrencies in the top 10 by market capitalization. The analyst stated that the largest cryptocurrency, Bitcoin (BTC), and the largest altcoin, Ethereum (ETH), are generally expected to rise, while issuing a warning about the native asset of Binance Smart Chain and the service token of Binance, BNB.
“Stay Away from BNB”
Crypto analyst and trader Altcoin Sherpa mentioned on his personal X account that the native asset of Binance Smart Chain and the service token of Binance, BNB, are at a critical juncture. The analyst said, “I think it’s best to stay away from it in the short term. I still think Binance is in good shape, but it’s important to be cautious in these uncertain times.”
The analyst’s chart indicates that the fourth-largest cryptocurrency by market capitalization has been lacking upward momentum since failing to break the resistance level around $330 six times since May 2022.
Furthermore, Altcoin Sherpa’s chart shows that BNB has dropped below the two-month range and the next support level is more than 10% below the current price.
Analyst’s Comments on Bitcoin and Ethereum
After assessing BNB, Altcoin Sherpa evaluated BTC in the short term, stating, “I still believe Bitcoin will rise to around $28 overall. All four-hour exponential moving averages look good in the short term, indicating that we will see a new uptrend without excessive expansion.”
Finally, looking at ETH, the analyst emphasized that the price performance of the second-largest cryptocurrency against Bitcoin will determine what altcoins will do next and said:
I think it’s time to buy altcoins. I expect ETH/BTC to fall a bit more and then trigger a reasonable-sized altcoin rally until the end of this year.
