Cloud Hosting

A popular analyst is unveiling his breakout targets for a small group of altcoins including Binance Coin (BNB) and Chainlink (LINK).

In a new strategy session, pseudonymous analyst Altcoin Sherpa says that hes keeping a close watch on Binance Coin, the utility token of the worlds largest crypto exchange.

According to Altcoin Sherpa, BNB has been trading in a wide range for a year and a strong move above the $350 level could propel the large-cap altcoin to a level last seen in March 2022.

If this actually does have a strong breakout, then I would view $450 probably as a first area, and theres going to be a lot of intermediate levels in between but $450 probably be my next level up.

At time of writing, BNB is trading for $339.

Next up is the decentralized oracle network Chainlink. According to Altcoin Sherpa, a big breakout above $9.30 could push LINK to print gains of as much as 207% considering that it has been consolidating in a wide range for about a year.

When Chainlink starts to actually move strong, I think that its quite likely this goes to at least $14 Since its accumulated for such a long time, I wouldnt be surprised at all to see something like $25.

At time of writing, LINK is worth $8.19.

Another altcoin on the traders list is the layer-2 scaling solution Arbitrum (ARB). According to the analyst, ARB could witness a corrective move to as low as the $1.45 level before the next leg up.

I wouldnt be surprised if this goes above $2. If you look at it from a fundamental standpoint, it still has pretty high TVL (total value locked), pretty high usage relative to other blockchains that are close to being [the] same value.

At time of writing, ARB is trading for $1.62.

The last altcoin on the traders radar is the decentralized exchange Injective (INJ). Altcoin Sherpa says INJ is in the midst of a monster run, which he notes is likely to continue in the short term.

I think the next area up would be around this $10 to $10.60 area, and thats going to be a pretty interesting area, in my opinion. Would be looking to take heavy profits around there.

At time of writing, INJ is worth $9.01.

I

Generated Image: Midjourney

Go here to see the original:
Analyst Unveils Breakout Targets for Binance Coin (BNB), Chainlink (LINK), Arbitrum (ARB) and Injective (INJ) - The Daily Hodl