- The cryptocurrency market has recently gained momentum and is striving to maintain it.
- Bitcoin has surged to a remarkable $71,000, while prominent altcoin BNB reached new peaks.
- Noteworthy analyst foresees further growth for BNB and updates outlook on three other altcoins.
Get the latest insights and forecasts on Bitcoin and other leading altcoins from top analysts. Stay updated on the dynamics of the cryptocurrency market and make informed financial decisions.
BNB Shows Strong Market Structure
As covered in previous reports, the crypto market is seeing increasing activity, leading investors and traders to eagerly scout for new opportunities. Altcoin Sherpa, a widely followed analyst, recently shared his latest predictions with his audience. In his analysis, BNB, the native token of BNB Chain, stands out due to its resilient market structure. The analyst noted:
BNB: Slow and steady wins the race. This token quickly reached an all-time high. I wish I had held onto more during the bear market, but those were tough times.
Reviewing its daily chart, the analyst suggests that BNB might be converting the upper boundary of its trading range into support, potentially moving higher. As of the latest update, BNB hit a new ATH at $720.67 and was trading at $702.4, up 0.5% on a daily basis.
Analyst Bullish on TAO’s Long-term Prospects
Altcoin Sherpa also evaluated Bittensor (TAO), a decentralized Blockchain platform focusing on machine learning and artificial intelligence (AI). TAO saw a 3.5% increase over the past 24 hours, trading at $430 at the time of writing. The analyst is long-term bullish on TAO but cautioned that it must hold the $350 support level to sustain its value. He remarked:
TAO: To establish a solid bottom, it needs to stay around the $350-$500 range for a while. This will likely take weeks to develop. If TAO falls below $350, it could rapidly drop under $300.
ALICE May Revisit Lower Levels First
After discussing TAO, the analyst shifted focus to My Neighbor Alice (ALICE), an NFT play-to-earn video game. ALICE was trading at $2.09, down more than 5% daily. The analyst suggested that ALICE might first revisit lower Fibonacci levels. He elaborated:
ALICE: For those scalping, entering at .382 and .50 levels seems like good setups. Offering bids around $2.13 and $2.03 may yield short-term gains with potential rebounds.
Conclusion
The prominent analyst, Altcoin Sherpa, provides an overview of four altcoins showing significant potential. BNB demonstrates a robust market structure, TAO’s long-term prospects are promising provided it maintains critical supports, and ALICE might offer short-term trading opportunities as it potentially revisits lower Fibonacci levels. Investing in these assets requires vigilant market monitoring and strategic decision-making.
