An analyst with a wide following makes some warnings after evaluating the latest developments in the market. The analyst says caution should be exercised regarding a major altcoin trading above a key support level. Additionally, the analyst recommends staying away from Blur, even though it is undervalued.
According to the analyst, it is better to be cautious about this altcoin!
cryptokoin.com As you follow from , the cryptocurrency market is trying to navigate uncertainty. The analyst, nicknamed Altcoin Sherpa, shared his comments on the latest developments in the market to his 196,700 X followers. BNB, the auxiliary token of the Binance crypto exchange and the native token of the Binance Smart Chain, is “not in a great shape, to be honest,” the analyst says. In this context, the analyst makes the following statement:
While I believe in Binance for the long term, there is so much fear, uncertainty, doubt (FUD) about this exchange. So it’s probably best to be cautious overall. I am not currently trading on this exchange.
Source: Altcoin SherpaBNB is the fourth largest crypto asset by market cap. At the time of writing, the token was trading at $205, up 0.18% on a daily basis. However, BNB lost 2.53% value on a weekly basis.
Altcoin Sherpa: BLUR is below its value but I won’t buy it!
The analyst then looks at the native token of the Non-Fungible Token (NFT) market Blur (BLUR). According to Altcoin Sherpa, BLUR is currently “probably undervalued,” given the fact that the NFT market’s former rival, OpenSea, is likely worth “billions.”
However, the popular analyst says he “doesn’t see any reason to buy” this altcoin project at the moment, while adding a chart showing that BLUR has consistently and repeatedly hit all-time lows throughout its lifetime amid declining volumes.
Source: Altcoin SherpaMeanwhile, BLUR was trading at $0.1541 at the time of writing, losing 0.24% on a daily basis. Additionally, the token lost over 9.5% in value on a weekly basis. Moreover, it has seen a drop of over 95% from the ATH level it reached in February this year.
Analyst expects further declines for Bitcoin
Altcoin Sherpa finally looks at the leading cryptocurrency Bitcoin (BTC). The analyst says it is possible for BTC to fall further amid the bearish price action. In this regard, the analyst makes the following statement:
This ($27k) is an area with a lot of support/influence for Bitcoin. Given the current environment, I don’t know if we’ll see one of these big drops (in the short term) on the downside. I think we will go further down.
Source: Altcoin SherpaAt the time of this writing, Bitcoin was trading at $26,604, down 0.14% on a daily basis. Additionally, BTC lost more than 3% value on a weekly basis.
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