- A famous crypto trader thinks BNB remains a top priority in the list of coins to short.
- Bluntz predicts BNB to break below existing support and create a new local bottom.
- The trader projects BNB to drop to between $80 and $100.
According to Bluntz, a famous crypto trader on X (Twitter), Binance’s BNB coin remains a top priority in the list of coins he would be shorting. Using a BNB/USD chart one-hour timeframe, Bluntz showed that BNB price could drop further and potentially create a new local bottom.
bnb still top of priority list for shorts, savage sfp on bnb/btc yesterday and usd pair simply looks like an abc up still.also has the most horrendous Higfhtimeframe chart imo#bnb pic.twitter.com/umoeeLbLSB— Bluntz (@Bluntz_Capital) August 30, 2023
Bluntz compared BNB’s one-hour chart with the daily chart, concluding that it had the most “horrendous” pattern in the higher timeframe. The trader’s recent analysis is consistent with his post from several months ago, stating that the five-year uptrend of BNB/BTC had ended.
In December 2022, Bluntz predicted that the BNB/BTC price would drop to 50% of its value. According to the trader, that would significantly affect the BNB/USD pair to an unpredictable extent. However, he told his followers he would avoid trading the BNB coin.
Bluntz compared the historic BNB price behavior with Luna before it crashed. The Luna chart he shared showed a pattern that indicated a long-term top. It was a five-wave rise on the weekly chart, with a bearish engulf. Then, Bluntz noted the bearish engulfment as a confirmation of the top and predicted a 50% drop.
Considering the developing pattern as of December 2022, Bluntz predicted the BNB price would fall between $80 and $100. He believes the price would sustain a bearish momentum until BNB breaks below the existing support levels.
Data from TradingView shows BNB to be trading for $223.50 as of the time of writing. That represents a 22% drop since Bluntz’s initial prediction. The renowned trader remains adamant that BNB’s price will continue to drop until it fulfills his original prediction of up to 50% drop. Hence, according to him, eight months after that, BNB still looks horrendous.
The post Renowned Crypto Trader Predicts Further Price Crash For BNB Coin appeared first on Coin Edition.