BNB Continues to Rise While Analyst Shares His Bearish Outlook

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.”

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.

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%.

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.