A Top-10 Altcoin Could Experience Strong Gains in 2024, Says Analyst
A popular crypto strategist believes that one of the top-10 altcoins has the potential to generate significant profits this year. According to the pseudonymous analyst Altcoin Sherpa, Binance Coin (BNB) may experience a short-term dip but is expected to rally in 2024. The analyst points to Binance launchpad projects and other factors as drivers for BNB’s growth. Despite the current market volatility, Altcoin Sherpa remains bullish on BNB.
Chart Analysis Supports Support Levels for BNB
Altcoin Sherpa’s chart analysis indicates that BNB is currently finding support at the Fibonacci retracement levels of 0.236 ($305.9) and 0.382 ($286). However, at the time of writing, BNB is trading at $309.13, representing a decline of over 4% in the last 24 hours.
Ethereum Layer-2 Scaling Solution and Blockchain Project Also in Focus
Altcoin Sherpa also shares insights on two other cryptocurrencies. The analyst expresses long-term bullishness on Arbitrum (ARB), an Ethereum layer-2 scaling solution, but expects it to experience short-term price dips. In addition, Celestia (TIA), a blockchain platform designed for launching decentralized networks inexpensively, is predicted to see upward movement.
Closing Thoughts: Promising Prospects for Altcoins
The crypto market remains volatile, but analysts like Altcoin Sherpa are optimistic about the prospects of certain altcoins in 2024. While short-term fluctuations are expected, these analysts believe that projects like Binance Coin, Arbitrum, and Celestia have strong potential for growth. As always, it’s important to conduct thorough research and exercise caution when investing in cryptocurrencies.
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