A closely followed crypto strategist believes that one large-cap altcoin is primed to print strong gains this year.
Pseudonymous analyst Altcoin Sherpa tells his 204,600 followers on the social media platform X that Binance Coin (BNB) could dip lower in the short term but undergo a big rally this year.
“BNB: bid around the $285 mark, in my opinion. Current area is iffy and entire market is shaky rn (right now). Still bullish on this one though. I think that we’re going to see strong gains for BNB in 2024; mostly through Binance launchpad projects and more.”
Looking at his chart, the trader suggests that the Fibonacci retracement levels 0.236 at $305.9 and 0.382 at $286 are still acting as support for BNB.
BNB is trading for $309.13 at time of writing, down more than 4% in the last 24 hours.
Next up, the trader says that he is long-term bullish on the Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB), but expects it to dip to lower trading ranges in the short term.
“ARB: I still think this is strong still and price has some clear ranges. Would bid $1.80 or so and that should be a good first starter point; with some bids all the way down to the $1.60s if it gets bad. Still bullish on this higher time frame-wise though.”
Arbitrum is trading for $1.87 at time of writing, down 3.42% in the last 24 hours.
Lastly, the trader says that Celestia (TIA), a blockchain designed to enable anyone to launch their own decentralized networks at minimal cost, is likely heading higher.
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Author: Daily Hodl Staff
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