Crypto Capo, an analyst we know well with his harsh words towards the altcoin BNB in the cryptocurrency world, is on the agenda again. The analyst came to the agenda again with his statements for BNB. The analyst points out that there are bear signs for BNB on the horizon. He also shares the reasons for this with his followers.
The danger continues for Altcoin BNB
Cryptocurrency trading is a constantly evolving environment. In this environment, it is vital for investors to be informed and adapt to changing market conditions. One cryptocurrency that has gained attention recently is Binance Coin (BNB). Regarding the altcoin, Crypto Capo has been saying bearish signs for a long time. Today, he shared a new graphic on his telegram channel. Accordingly, the analyst states that a number of bearish indicators come to the fore for BNB.
According to the analyst, these signals indicate that the bounce from the recent low may not be sustainable. First among the analyst’s warning signs is decreasing open interest. Open interest refers to the total number of outstanding futures contracts. In the case of altcoin BNB, OI is decreasing while the price is rising. According to the analyst, there is a mismatch here. Accordingly, this mismatch may indicate that the recent price increase was not supported by a significant increase in commercial interest.
Other warning signs
As a second sign, the analyst mostly points to positive funding rates. Accordingly, funding rates are used to balance trading demand and keep the price of the contract close to the price of the underlying asset. The analyst points out that altcoin BNB is experiencing mostly positive funding rates, which may not be sustainable in the long run.
The third sign, according to the analyst, is the removal of buy walls when a price movement ends. This suggests that despite initial enthusiasm, support for higher prices is waning. According to the analyst, the last sign is the latest price movement in the altcoin BNB. Accordingly, this movement indicates a corrective structure rather than an upward trend. According to the analyst, this formation is generally seen in bearish scenarios. As a result, the analyst thinks that BNB is heading for a collapse.
What awaits BNB?
Considering the accumulating bearish signals, investors need to be cautious when considering investments in altcoin BNB. Accordingly, although short-term fluctuations are common in cryptocurrency markets, it is very important to have a long-term strategy that takes into account potential downside scenarios.
To successfully trade in the altcoin BNB market, investors should closely monitor key price levels and indicators. On the other hand, it is useful to take the analyst’s BNB warnings into consideration. As Kriptokoin.com, these tools will help us adapt to developing market dynamics and make informed trading decisions.
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