Pseudonymous trader Altcoin Sherpa tells his 184,000 Twitter followers that BNB might not be the best trade right now after bad actors hacked and stole hundreds of millions of dollars worth of the token.
However, the trader notes there’s nothing necessarily wrong with BNB’s technicals and that he’s still holding the digital asset.
“BNB: Obviously the talk of crypto [right now] with the hack going on, scary stuff. Probably best to not trade this, but from a pure technical analysis standpoint, this area should be ok to enter given the exponential moving averages and support/resistance flip. I’ve got a bag I still hold.”
BNB is changing hands for $283 at time of writing, a 3.8% dip on the day and a 4.7% dip from its seven-day high of $297.
Altcoin Sherpa then sets his sights on the second-largest crypto asset by market cap, saying that Ethereum’s next move up could land the leading smart contract platform somewhere in the $1,500 range before November. However, the trader notes that he doesn’t know what comes after that for ETH.
“ETH: I still think this is a relative bottom and the next big move is going to be in the $1,500s (after that I have no idea).”
Ethereum is moving for $1,325 at time of writing, a 2.2% drop during the last 24 hours.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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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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