A closely-watched crypto strategist says an Ethereum-based altcoin (ETH) is showing signs of bullish exhaustion as he details his predictions for Binance Coin (BNB) and Chainlink (LINK).
Pseudonymous Altcoin trader Sherpa tells his 195,900 Twitter followers that the recent uptrend in blockchain-based Render (RNDR) protocol appears to be over for now.
Crypto Strategist Says RNDR's Anemic Volume In Recent Weeks suggests that traders lost interest in the project running on the Ethereum network.
“RNDR: I think this one looks tired, expecting much lower prices.
Very few trends are sustainable. Most will come back down and very few alts outperform ETH in the long term.
I'm looking for shorts...
You can see the latest exhaustion push-up. I think this one goes much lower. $1 or less over time. »
Render is trading at $2.27 at the time of writing.
Next up is Binance Coin (BNB), the utility token from the world's largest crypto exchange. Altcoin Sherpa said that traders should think twice before getting too bearish on the fourth-largest altcoin by market capitalization, as it says BNB is still trading within its yearly range.
"BNB: I don't see a real trend change for BNB overall. It's still in the same range as last year, and I think a test around $220-250 is probably ahead. .
I still think Binance is doing well and will be the leader for the foreseeable future…
I don't think this is a good place to short circuit. It's still a decent support zone and the EQ (balance) of the whole range. Would wait for another breakout or move to $300 before personally shorting.
BNB is trading at $260 at the time of writing.
As for the decentralized oracle network Chainlink (LINK), the crypto trader said that the altcoin could trigger a short-term rally if it reaches a key support level.
“LINK: I expect this to bounce around $5.50. Range low and should be fine.
This current area is also a support level, so anywhere here down to the low end looks decent for support.
At the time of writing, LINK is trading at $5.90.
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