This Exchange Altcoin Is a ‘Dark Horse’ Crypto Play Amid Good Market Structure, Says Trader
A closely followed crypto analyst and trader is turning bullish on the native asset of a layer-1 blockchain.
Pseudonymous analyst Loma tells his 303,500 followers on the social media platform X that BNB, the native asset of the BNB Chain, is displaying strength from both the technical and fundamental viewpoints.
“I think [BNB] is a live dark horse for majors.
- Structurally looks good in both USD and BTC pairing.
- Negative funding since it’s typically hedged against spot holdings for fee reductions by larger whales.
- Free of SEC (U.S. Securities and Exchange Commission) persecution in the short/mid-term.
I have a bag.”
However, the analyst says the upside potential of BNB is relatively smaller than more speculative digital assets given its larger market cap.
“Yes, larger market cap. Yes, it won’t give you the same 10,000x move that some memecoins will. But different portfolio amounts equal different asset selection(s) and expectation(s).”
Fellow pseudonymous crypto analyst Kaleo believes BNB is gearing up for a breakout.
“BNB still looks primed to break out of this range.”
Looking at the trader’s daily chart, he suggests that BNB is forming a bullish triangle pattern and could soon rally to the $1,000 level around May.
BNB is trading for $541.51 at time of writing, down nearly 4% in the last 24 hours.
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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.
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The post This Exchange Altcoin Is a ‘Dark Horse’ Crypto Play Amid Good Market Structure, Says Trader appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
