- 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…The post BNB Continues to Rise While Analyst Shares His Bearish Outlook appeared first on Coin Edition.