Top Crypto Trader Warns Polygon, Binance Coin and One Ethereum Rival Risk Crashing if Bitcoin Dumps


A widely followed cryptanalyst warns that a Bitcoin (BTC) the dump would likely cause the price of Polygon to drop (MATIC), Binance Coin (bnb) and Cosmos (ATOM).

Pseudonymous Altcoin Analyst Sherpa He says His 187,300 Twitter followers who believe Bitcoin is due for another dump to the $10,000 to $14,000 price range, which could drag down some Tier 1 altcoins.

At the time of writing, Bitcoin is changing hands at $16,636.

Altcoin Sherpa He says is targeting these layer 1 blockchain projects due to their value capture potential.

First appearance into BNB, the token of the Binance crypto exchange. If the Bitcoin price holds up, it says that BNB will likely reclaim its $300 price range. But if Bitcoin falls, it says that BNB will lose support in the $200 price range.

“BNB: This should go back to $300 if BTC holds. If BTC flips big, buy at $150.”

Source: Altcoin Sherpa

At the time of writing, BNB is trading hands at $270.

Then look at Ethereum (ETH)-scaling platform MATIC, saying the altcoin has shown strength with recent trade partnerships and rallies. But he predicts that with a Bitcoin dump, MATIC may see a decline of more than 40%.

“MATIC: You have great BD (business and development) and partnerships, this has gone down a few times already and should still be fine. BTC dumps big, buy at $0.50 again.”

matic
Source: Altcoin Sherpa

At time of writing, MATIC is trading hands at $0.88.

Focusing on Ethereum’s rival ATOM, he says it could drop to the $5 range if Bitcoin falls to the $10,000 to $14,000 price range. ATOM had lost bullish support around the $16 price level in September and again earlier this month in the $15 range.

“ATOM: BTC dumps, buy at $5”.

cosmos
Source: Altcoin Sherpa

At the time of writing, ATOM is trading hands-on at $9.89.

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Featured Image: Shutterstock/Dolan Mbengi