The price of BarnBridge (BOND) has exploded higher, being one of the crypto top gainers for today, with a more than 100% surge within 24 hours. The market is abuzz, with some rejoicing about the amount they have made and others getting to see how they can enter into this opportunity to get what the bullish ride still has to offer.
However, crypto analyst Altstein warns investors not to chase the price higher and suggests waiting to buy at a lower level.
A Breakout from a Large Falling Wedge Pattern
According to Altstein, BOND saw a big breakout after breaking out of a large falling wedge pattern. This technical setup helped fuel a powerful rally in the token. However, Altstein cautions that after such a large, swift climb, a correction is likely. He suggests waiting to buy around $2.2 per BOND instead of chasing the current price which is close to $5.
In other words, there is likely to be a better entry point coming rather than piling in after the token has already doubled in short order. Patience may be warranted for those looking to start a new position in BarnBridge.
Altstein seems to believe BOND remains in an overall uptrend despite being overextended currently. The key is timing entries and not getting caught up in the heat of a parabolic move. By waiting for pullbacks to key support areas, traders can gain better risk-reward entries. This highlights the need to have a plan and discipline even when dealing with explosive upside moves.
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