Closely tracked analysts have warned crypto traders that the rise of Ethereum (ETH), Binance Coin (BNB), and two other altcoins could hit a pit stop soon.
Pseudonymous analyst Altcoin Sherpa says the market structures of Ethereum, Binance Coin, Near Protocol (NEAR) and Cosmos (ATOM) are similar and all seem poised for corrective action. he told his 181,300 Twitter followers.
Many of these altcoin charts have a very similar structure, like lows to rounded bottoms. Everything will depend on Ethereum as it leads, see the cup and the handle or the double bottom coming.
Based on analyst charts, the altcoin Sherpa seems to suggest that Ethereum is likely to struggle around $2,160. As of this writing, Ethereum is trading at $1,981, flat on the day.
Looking at Binance Coin, the utility token of crypto exchange Binance, crypto strategists may see BNB struggling at current levels as the 200-day Exponential Moving Average (EMA) acts as a resistance. implying that.
At the time of writing, BNB is trading at $324.33, still below the 200-day EMA.
As for Ethereum rival Near Protocol, Altcoin Sherpa believes the smart contract platform will likely find resistance at $6.09.
As of this writing, NEAR is valued at $5.77, down nearly 2% on the day.
The last coin on Trader’s Radar is Cosmos. This is a project aimed at building a blockchain ecosystem designed to scale and communicate with each other. According to Altcoin Sherpa, ATOM is set to face resistance at $12.50.
At the time of writing, ATOM is trading at $11.77, down 1.92% over the past 24 hours.
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