• A crypto strategist predicts that an Ethereum-based altcoin will experience a sharp decline.
• The trader provides an outlook on Binance Coin (BNB) and Chainlink (LINK).
• He suggests traders watch out for a key support level for LINK.
Ethereum-Based Altcoin Predicted to Plummet by Over 50%
A closely followed crypto strategist is predicting that an Ethereum (ETH)-based altcoin will experience a sharp decline in price. Pseudonymous trader Altcoin Sherpa believes that the blockchain-based rendering protocol Render (RNDR) is showing signs of bullish exhaustion, with its anemic volume over the last few weeks signaling traders have lost interest in the project running on the Ethereum network. He expects RNDR’s price to drop to $1 or lower in time.
Outlook on Binance Coin and Chainlink
Altcoin Sherpa also provides his outlook on Binance Coin (BNB), currently trading within its yearly range, and Chainlink (LINK). For BNB, he cautions traders against becoming overly bearish as he sees it testing around $220-$250 soon. When it comes to LINK, he suggests that it could ignite a short-term rally if it hits a key support level at around $5.50.
Current Prices
At time of writing, RNDR is trading at $2.27, BNB is trading at $260 and LINK is trading for $5.90.
Analysis from Crypto Strategist
The crypto analyst details his forecast for these three tokens:
• RNDR: “I think this one looks tired, expecting much lower prices… Am looking for shorts… I think that this one goes much lower. $1 or lower in time.”
• BNB: “I don’t see a true trend change for BNB overall… I don’t think this is a good area to short.”
• LINK: “Expecting this to bounce around $5.50… Would wait for further breakdown or a move up to low $300s before shorting personally.”
Conclusion
The article outlines the predictions made by Altcoin Sherpa regarding ETH-based altcoins such as Render (RNDR), Binance Coin (BNB) and Chainlink (LINK). He forecasts that RNDR may plummet by over 50%, while noting that BNB appears to be holding steady within its yearly range and suggesting traders watch out for key support levels for LINK before considering any short positions.