A Crypto Trader’s Take on BNB, Bitcoin, and THORChain
A popular crypto trader, known as Altcoin Sherpa, is expressing concern about Binance Coin’s (BNB) price action, suggesting that it may drop below $200. Despite this, the trader remains optimistic about Binance’s future. Additionally, Altcoin Sherpa believes that Bitcoin (BTC) could experience a market correction if it fails to stay above the recent higher low in June. Lastly, the trader is closely watching THORChain (RUNE), predicting that it may dip to certain Fibonacci retracement levels before potentially bouncing back.
Key Points:
- Altcoin Sherpa warns that BNB is at risk of losing key support and may dip below $200.
- The trader remains optimistic about Binance’s future, despite the bearish sentiment.
- BTC could experience a market correction if it fails to maintain its recent higher low at $24,900.
- Altcoin Sherpa is closely monitoring THORChain and predicts potential dips to specific Fibonacci retracement levels.
- The trader believes that higher Fibonacci levels are logical for RUNE’s future price action.
Hot Take:
Altcoin Sherpa’s insights provide valuable information for crypto traders. While BNB’s price action is concerning, the trader’s optimism about Binance’s long-term prospects is reassuring. The cautionary note regarding BTC’s market correction and the analysis of THORChain’s potential dips offer valuable insights for those interested in these cryptocurrencies. Overall, Altcoin Sherpa’s analysis serves as a helpful guide for navigating the crypto market.
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