- Crypto Analyst tweeted that he would be adding more BNB to his short position if it hits $280.
- BNB is trading in the red zone after dwelling in the green zone during the first half of last.
- BNB could rebound off Support 1, and if it breaks the 200-day MA line, it may hit resistance 1.
Crypto Analyst @CryptoCapo_ tweeted that he would add more BNB to his short position if BNB was to hit $280. In his tweet, the crypto analyst predicted that BNB could tank to somewhere between $125-135 as its first target.
Moreover, he added that if BNB broke the above-mentioned line, it would tank to the $40-$45 range, which according to him, is the main target where he would close his potion.
From last Friday to Monday, BNB was trading in the green zone, positioned between $284 and $292. However, it entered the red zone on Monday, after which its prices tanked to $257 from $282 at the completion of the day.
Currently, it is not looking good for BNB, as it is trading in the red zone and has captured position 21 among the top losers within the last 24 hours, according to CoinMarketCap.
As such, BNB is down 3.50% in the last 24 hours and is trading at $265. From late October, the price of BNB rose quite lethargically and reached its peak of $360 on November 5. However, the prices plummet in quick succession, as shown in the chart (Red Dotted Lines). The time taken for BNB to rise is greater than the time taken to fall.
On its way down, BNB was fluctuating in a bullish falling wedge (Azure Lines). However, BNB regained some momentum and reached $296 from $252 within a short period.
On November 28, BNB started fluctuating in a bearish pennant (Grey Lines). The range of BNB price action was constricted up until last Sunday. However, after BNB dismantled its bearish pennant, it fell from $285 to $255.
At present, BNB is fluctuating between il Capo Of Crypto’s short entry point ($280) and support 1 ($265), as shown in the chart. The 200-day MA is titled downwards, hence BNB could hit support 1 and rebound. Moreover, the 200-day MA could act as the immediate resistance before Resistance 1.
If the bulls create enough momentum, BNB could hit Resistance 1 ($284). But if the bears dominate, then BNB could crash to Support 2 ($218).
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