A popular crypto analyst and trader known as il Capo of Crypto shared his current positions in the crypto market, revealing that he is short against several altcoins, including MATIC.
il Capo of Crypto Announces Its Short Altcoin Positions
In a tweet Wednesday, il Capo said that Polygon, a scaling solution for Ethereum, is adding more to its short position in its native token MATIC. He said the average entry price is $0.96, aiming for a drop to $0.29-0.30, which would represent a drop of about 70% from the current level.
MATIC price is trading at $ 0.90 at the time of this writing.
He also revealed that he holds 65% of his portfolio in USD cash and 35% in medium-term short positions in other altcoins such as BNB, TRX, AAVE and SOL. It did not specify entry prices or targets for these transactions.
Il Capo is known for his recent bearish statements about cryptocurrencies. Il Capo, who has been the target of criticism from crypto enthusiasts on Twitter, therefore shares a very rare number of analysis. However, the analyst in question was among those who correctly predicted Bitcoin's decline from the $ 69,000 peak.
*Not investment advice.