A widely followed crypto analyst is issuing a warning to investors about Binance Coin (BNB) while predicting Ethereum’s (ETH) next big move.
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.
“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.
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Featured Image: Shutterstock/Liu Zishan