Popular cryptocurrency analyst il Capo of Crypto evaluated Polygon (MATIC) and BNB, one of the largest altcoins, after the recent rise in the cryptocurrency market.
Analyst il Capo of Crypto, known for his bullish comments at the beginning of the last bull market, has been making bearish statements for a long time.
Addressing the MATIC altcoin first, the analyst said that with the recent rise, the price of the altcoin reached around $0.90, which is the region he determined as the “mid range”, and the initial price target was 0.29-0.30. In addition, he made an update that the short position he opened for MATIC in the past period has become neither profit nor loss with the recent rise.
Speaking about BNB, the analyst said that the altcoin has not yet received bearish confirmation in large time frames and that the general outlook fits the 'distribution' model. However, he claimed that if a confirmation appears in favor of the bear, the price of the altcoin could drop to $ 39.
il Capo said that he closed the short position for BNB as a precaution, but would open new positions in case of bear approval.
*This is not investment advice.