Renowned crypto analyst Altcoin Sherpa has issued a warning about 2 altcoins in the Turkish market. The analyst urged caution regarding Binance Smart Chain’s BNB, which is trading above an important support level and is among the top-ranked coins with a market cap of billions of dollars. The analyst also advised against investing in the native token of leading NFT marketplace Blur, called BLUR.
FUD Warning for BNB
Altcoin Sherpa expressed concerns about BNB stating, “To be honest, there is a lot of fear, uncertainty, and doubt (FUD) surrounding Binance and BNB. While I believe in Binance in the long run, it may be best to proceed with caution. I am currently not trading on this cryptocurrency exchange.”
BNB is the third-largest cryptocurrency in terms of market capitalization and is currently trading around $206, experiencing a 0.55% decrease in the last 24 hours. Other market experts like Altcoin Sherpa also warn about BNB, emphasizing that $200 is a critical level for the altcoin and a drop below this level could lead to further decline in price.
“Stay Away from BLUR for Now”
Altcoin Sherpa also discussed the native token of NFT marketplace Blur, called BLUR, following BNB. Considering that OpenSea, BLUR’s biggest competitor, is worth billions of dollars, the analyst stated that the current price of BLUR is likely undervalued. However, the analyst presented a graph showing the decline in BLUR’s trading volume and its continuous drop to all-time lows (ATL), concluding that there is currently no reason to buy BLUR.
As of now, BLUR is trading around $0.159, experiencing a more than 95% drop from its all-time high (ATH) reached in February this year.
