altcoin Sherpa urged caution on a multi-billion dollar crypto asset that is trending above a key support level.
Sherpa noted that Binance crypto exchange’s utility token and Binance Smart Chain’s native token, BNB, “don’t look great.”
While I believe in Binance for the long term, there is so much fear, uncertainty, doubt (FUD) surrounding this exchange that it’s probably best to be cautious overall. I am not currently trading on this exchange.
As we reported as Koinfinans.com, BNB is trading at $208 at the time of writing.
Altcoin Sherpa, BitcoinTurning to (BTC), he thinks the flagship crypto asset could drop to “$27,000 or below” amid bearish price action.
$27,000 is an area with a lot of support/influence and given the current environment, I don’t know if we will see one of these big declines (in the short term) on the downside. I think we will go further down.
The analyst continues with his analysis of the NFT market Blur token. According to Altcoin Sherpa, BLUR is currently “probably undervalued,” given the fact that the NFT market’s former rival, OpenSea, is likely worth “billions.”
However, he says he “doesn’t see any reason to buy” the altcoin right now, while adding a chart showing that BLUR has consistently and repeatedly hit all-time lows throughout its lifespan amid declining volumes.
