A closely followed crypto strategist says he thinks a top-10 altcoin is about to hit a new all-time high while updating his outlook on two decentralized finance (DeFi) tokens.
Pseudonymous analyst Altcoin Sherpa tells his 211,300 followers on the social media platform X that Binance Coin (BNB), the native asset of the world’s largest crypto exchange platform by volume, could remain in a bullish trend for a while longer.
“BNB: this one goes to all-time high easily and this was kind of obvious in my opinion. Expecting some sort of small pullback before all-time highs, but I think it breaks it soundly in the next few months.”
Looking at the trader’s weekly chart, he suggests that BNB could extend the bull run that took off in early 2024 by breaking a key resistance level near $661.70.
BNB is trading for $590.96 at time of writing, down more than 1% in the last 24 hours. BNB reached an all-time high of $686.31 on May 10th, 2021.
Next up, the trader says Aave (AAVE), a lending and borrowing protocol, could have more upside potential as it appears to have broken out of a lengthy trading range of between the lower bound of $45.60 and the upper bound of $112.40.
“AAVE: there’s still a ton of upside for some of these good DeFi 1.0 coins. That said, I’m not sure if they actually have a bid going forward. Probably a solid coin to just buy and not worry about.”
AAVE is trading for $137.77 at time of writing, down more than 3% at time of writing.
Lastly, the trader says he is remaining bullish on the native asset of decentralized exchange (DEX) platform Injective (INJ) after it soared out of its trading range. However, he cautions that INJ may dip or trade sideways first.
“INJ, ok looking to buy some dips/consolidation now. Expecting more of a run and hoping its not just a deviation.”
INJ is trading for $47.88 at time of writing, down slightly in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your…
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