A closely-followed crypto strategist predicts a rapid uptrend for the altcoin Binance Coin (BNB). This is likely driven by bears who bet that the utility token will see sustained downward price action. XRP and Ethereum (ETH) rival Cardano (ADA), on the other hand, may be preparing to take a leap as the bullish signal begins to flash, according to crypto analytics firm Santiment. Here are the details…
Analyst expects bounce for altcoin BNB
Nicknamed analyst Jack tells his 243,100 Twitter followers that BNB will likely make a splash as it trades close to the $230 support. According to the crypto strategist, BNB bears are piling on the fourth largest altcoin by market cap and will likely serve as fuel for a short squeeze. The analyst said, “Yesterday’s rejection of supply in the low range, squeezes are opportunities to position so far, and shortening the low range puts you at risk of a short squeeze. Lots of open positions accumulated overnight with the Shorts paying bonuses,” he said.
cryptocoin.com As we have also reported, a short squeeze happens when traders who borrow an asset at a lower price and borrow at a certain price in hopes of pocketing the difference have to repurchase their borrowed assets as momentum moves against them, triggering more rallies. Looking at Jack’s chart, it can be seen that BNB is predicting a higher high to $250 before correcting to $230. The chart also shows that BNB bulls will likely ignite a few bounces at the support level before breaking down by July 17. Jack adds that BNB is poised for a massive collapse towards the $120 level as it faces multiple issues around the world.
ETH, SOL are also on the analyst’s radar
The crypto analyst is also closely following Ethereum (ETH) competitor Solana (SOL). According to Jack, Solana/Bitcoin pair (SOL/BTC) will likely experience a correction after it reaches the 0.0006936 BTC ($21.06) resistance. The analyst said, “I think SOL and BTC need some pullback towards the green here. “Retest this to see if the season of DeFi (decentralized finance) everyone has been talking about for so long actually kicks off.” According to the trader’s chart, SOL/BTC could drop to the cross support around 0.00056 BTC ($17) where it could either bounce off or slide as low as 0.0003858 BTC at $11.71.
Santiment: Selling at a loss in XRP and ADA
On the other hand, Santiment says that a large number of traders are selling stacks of XRP and ADA at a loss as both altcoins retreated from last week’s rally. According to the analyst firm, the sale of traders could ignite jumps for XRP and ADA. “Top crypto assets are trading at a loss after high profit buying last week,” the firm said. This also contributes to the price drop we’re seeing. XRP and ADA are seeing particularly high sales at low prices, increasing the chances of a bounce,” he said.
Looking at the crypto king, Santiment says that Bitcoin (BTC) sharks and whales, which refer to holders of at least 10 and 1,000 coins respectively, have been accumulating aggressively for weeks even as prices hover near local tops. According to their analysis, “Bitcoin’s sharks and whales are showing no signs of slowing down, even as prices start to get ‘boring’ in the $30,000 to $31,000 range. Since June 17, 10 to 10,000 BTC addresses have accumulated another 71,000 coins, which equates to $2.15 billion.”
The firm also says that Ethereum is signaling bullish on-chain as new addresses that have historically served as an indicator for rallies have grown steadily under the radar. “Ethereum’s network growth has somehow quietly picked up. New addresses are being created at an increasing rate, which is a signal for eventual market capitalization growth. We will watch this bullish divergence as ETH hovers just below $1,900.”
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