Crypto Trader Calls One Blue-Chip Altcoin’s Price Action ‘Scary’, Updates Outlook on Bitcoin and THORChain
A widely followed crypto trader says that Binance Coin (BNB) is dangerously close to losing key support amid a bearish digital assets market.
Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that BNB could dip below the $200 level as the altcoin trades well below its 200-day simple moving average (SMA).
“BNB: Shit is looking scary overall…
Sub $200 and things are very grim for BNB.
I’m still a believer in Binance though and think they’ll be OK.”
According to the analyst, BNB will likely see more downside after retesting $220 as resistance.
“BNB: Bearish retest for now. Scary stuff…”
Binance Coin is trading for $216 at time of writing, down 0.5% in the last 24 hours.
Next, the trader says Bitcoin (BTC) could see a market correction if it fails to stay above the recent higher low in June at the $24,900 level.
“BTC: things are honestly looking a little scary overall on higher time frames. Wasn’t convinced with the recent higher high and we could be seeing some market structure shift soon if this low gets lost. Going to keep an eye out.”
Bitcoin is trading for $26,046 at time of writing, down 2.1% in the last 24 hours.
Lastly, the trader weighs in on the decentralized cross-chain liquidity protocol THORChain (RUNE).
He is keeping a close watch on the Fibonacci retracement levels and predicts RUNE may dip to the .50 Fib level at $1.45 or even lower to the .618 Fib at $1.32, before bouncing past $1.73.
“RUNE: .382 fib didn’t provide much of a bounce, looking lower. .50 fib and the .618 are attractive given the market conditions. I don’t personally think this will bounce and continue past the recent high, but I think going to higher fibs is logical.”
THORChain is trading for $1.49 at time of writing, down 7.1% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
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.
Generated Image: Midjourney
The post Crypto Trader Calls One Blue-Chip Altcoin’s Price Action ‘Scary’, Updates Outlook on Bitcoin and THORChain appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
