Il Capo of Crypto, a popular and controversial cryptocurrency analyst, shared his bearish views on BNB, the native token of Binance, the world's largest cryptocurrency exchange.
In an analysis released on Tuesday, Il Capo of Crypto said that BNB is in a correctional pattern, with the support level being touched multiple times, indicating weakness.
He also claimed that Binance is “trying to keep printing counterfeit stablecoins”, but that this strategy won't work for long and BNB will “finally explode.”
The analyst said that the support zone for BNB on the high timeframe chart is between $206 and $227.
He is currently heavily shorting BNB and the average entry price is $301, which means that BNB is currently in profit as it was trading at $246 at the time of this writing.
il Capo is a name that is not liked and often ridiculed by crypto money market followers with his published analysis. The analyst claims that BTC will not go higher without falling as low as $12,000.
In his previous statements, il Capo said that he is in a short position in many altcoins such as BTC, ETH, MATIC, WAVES, BNB, ADA.
*Not investment advice.
