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A widely watched cryptocurrency analyst warns investors about Binance Coin (BNB) while predicting the next big move for Ethereum (ETH).
Pseudonym Trader Altcoin Sherpa To tell His 184,000 Twitter followers believe BNB may not be the best deal right now after bad actors hacked and stole hundreds of millions of dollars worth of tokens.
However, traders have said that BNB’s technicals are not necessarily in trouble and they are still holding onto their digital assets.
BNB: Clearly Talking About Crypto [right now] Hacking is in progress and it’s scary. It’s probably best not to trade this, but from a pure technical analysis perspective, given the exponential moving averages and support/resistance reversals, this area should be fine to enter. I have a bag with
BNB is trading at $283 at the time of writing, down 3.8% for the day and down 4.7% from its seven-day high of $297.
Altcoin Sherpa next set its sights on the second-largest crypto asset by market cap, saying Ethereum’s next rally could be possible. land Major smart contract platform somewhere in the $1,500 range by November. However, traders say they do not know what will happen next for ETH.
ETH: I think this is still a relative bottom. The next big move will be in the $1,500s (we dont know after that).
Ethereum is trading at $1,325 at the time of writing, down 2.2% over the past 24 hours.
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Featured image: Shutterstock/Liu zishan
