Coin Edition -
- A popular trader and analyst shared that he is bearish towards Binance Coin (BNB).
- According to the analyst, the native token of the Binance ecosystem could drop to $40-45.
- From a shorter-term perspective, a noteworthy bullish flag was on the verge of being triggered on BNB’s daily chart.
The cryptocurrency trader and analyst that goes by the X username il Capo Of Crypto revealed in a post yesterday that he is bearish towards Binance Coin (BNB). According to the post, many indicators such as “PA, heatmaps, IO and fundings are similar to FTT or LUNA before the crash.”
$BNBI have been posting updates on Telegram all year. Every addition to the short position, the reasons why…PA, heatmaps, OI and fundings very similar to $FTT or $LUNA before the crash.The main move hasn't happened yet.Current avg. entry = $301 https://t.co/qzp6OEoVnf pic.twitter.com/cK1HfuUFa0— il Capo Of Crypto (@CryptoCapo_) December 3, 2023
In a post last year, the analyst revealed that his target for the native token of the Binance ecosystem is between $40-45. He has been consistently adding to his short position since then as part of a swing strategy with low leverage.
Adding more to my $BNB short, avg. entry: $280Main target: $40-45This is a swing trade with very low leverage, not financial advice. pic.twitter.com/ZRa6GZ3Src— il Capo Of Crypto (@CryptoCapo_) December 14, 2022
Data from the cryptocurrency market tracking website CoinMarketCap indicated that BNB was trading well above the analyst’s target. At press time, the altcoin was changing hands at $233.68. This was after it was able to achieve a 24-hour gain of 2.54%. This latest uptick in price also led to BNB’s weekly performance escaping the red zone to reach +1.28%.
Daily chart for BNB/USDT (Source: TradingView)
BNB was able to overcome the strong $230 resistance level throughout the past day of trading. Should it close today’s daily candle above this level, it may have the foundation needed to rise to the next major barrier at $240 in the following week.
Conversely, a daily candle close below $230 could lead to BNB undergoing a retracement to the immediate support level in the short term. In this more bearish scenario, BNB may fall to as low as $220.
Traders and investors will want to note that a significant bullish technical flag was on the cusp of being triggered. At press time, the Moving Average Convergence Divergence (MACD) line was looking to cross above the MACD Signal line. These two lines interesting may be indicative of a continuation of BNB’s positive trend.
The post BNB Continues to Rise While Analyst Shares His Bearish Outlook appeared first on Coin Edition.