A crypto analyst warns crypto investors and traders of four altcoins. According to the analyst, the rallies of 4 altcoins, including the leading altcoin Ethereum (ETH) and Binance Coin (BNB), are likely to make a ‘pit stop’ soon.
“Everything will depend on the leading altcoin Ethereum”
Cryptocurrency analyst nicknamed Altcoin Sherpa says that the market structures of Ethereum (ETH), Binance Coin (BNB), Near Protocol (NEAR) and Cosmos (ATOM) look similar. Therefore, the analyst notes that they are all prepared for a corrective move. In this context, the analyst makes the following statement:
Most of the charts for these altcoins have a very similar structure. A kind of round bottom from the lows. I think the upside is pretty limited here. Everything will really depend on Ethereum. Because he is their leader. Note the arrival of ‘cup and handle’ or ‘double bottom’.
According to his chart, the analyst suggests that Ethereum will likely struggle around $2,160. At press time, Ethereum was trading at $1,892, down 1.85% on a daily basis. However, with the impact of the upcoming Merge upgrade, ETH has outperformed in the last month.
Altcoins to follow Ethereum: BNB, NEAR and ATOM
The analyst then looks at Binance Coin (BNB), the utility token of the popular cryptocurrency exchange Binance. The crypto strategist notes that first, the 200-day exponential moving average (EMA) acts as resistance. It therefore implies that BNB may struggle at current levels.
At press time, BNB is still hovering below the 200-day EMA. BNB is changing hands at $318.21, down 0.30% on a daily basis.
cryptocoin.com Altcoin Sherpa, whose predictions we have included in the news, then moves to another Ethereum competitor, Near Protocol (NEAR). The analyst says that the smart contract platform will most likely find resistance at $6.09.
At press time, NEAR was trading at $5.42, down about 3.79% on the day. Meanwhile, NEAR is holding 75% down from its all-time high of $20.42.
The last cryptocurrency on the analyst’s radar is Cosmos (ATOM). The project aims to create a Blockchain ecosystem designed to scale and communicate with each other. According to the analyst, ATOM will face resistance at $12.50.
At press time, ATOM was changing hands at $11.35, down 2.34% in the last 24 hours, according to data from CoinMarketCap. Cosmos reached the ATH level with $ 44.70 about 1 year ago. Based on its current status, ATOM stands 74.5% off its peak.
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