Crypto Analyst Issues Warning on Dogecoin (DOGE), Binance Coin (BNB) and One Ethereum Rival
A closely followed crypto analyst is issuing a warning on leading meme altcoin Dogecoin (DOGE) and two other major digital assets.
The pseudonymous analyst known as Altcoin Sherpa tells his 187,000 Twitter followers that DOGE is set for a 25% drop from current prices down to a major demand area around $0.057.
“DOGE: Gonna come right back down to the .057 area again in my opinion.”
Dogecoin is one of the harder hit crypto assets in the last week, with DOGE currently down 18% over the last seven days at time of writing, changing hands for $0.0754.
Altcoin Sherpa has his radar on another altcoin weathering headwinds in the last week. According to the trader, BNB, the native token of Binance, is at risk of contagion if market conditions worsen.
He also refers to the recent scrutiny, or FUD (fear, uncertainty and doubt) surrounding Binance’s finances and reserves.
“BNB: High timeframe views on BNB, I don’t really see much of an actionable trade here. It is at support but entire market looks a bit shaky right now.
I’m still a longtime holder of BNB myself and will hold this thing for a while. Breakdown of $220 means this goes sub $190 in my opinion.
Whether this fud is warranted is up for you to decide in terms of your own risk tolerance. I still think that Binance is fine but that’s just my opinion. If you’re not trading a lot right now, you should probably move $ to your own personal wallet.”
Lastly, the popular trader says that Ethereum rival and interoperable blockchain Polkadot (DOT) is set for a slow breakdown to its next support level below the $4.00 mark, about 12.5% from current prices.
“DOT: Forgot about this one…slow grind down to sub $4 is my guess. I remember when this was such a hyped new chain.”
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.
Featured Image: Shutterstock/DigitalAssetArt