A renowned crypto expert predicts that the price of Binance Coin (BNB) will soon go up, which could be because people have long been betting on a decline in the cost of the utility token.
Who Is This Expert, and Why Is His Opinion Important?
Jack, a reputable expert using a fictitious name, shared his knowledge with 243,100 people who follow him on Twitter, a well-known social networking site. In his wise statement, he claims that the famous cryptocurrency BNB could be on the verge of resuming growth as it is currently near a strong support level at $230.
According to the crypto strategist’s research, there are many bears in the market for BNB, the fourth most valuable alternative coin by market value. This accumulation could lead to a short squeeze.
Yesterday, the offer was rejected at the lower end of the range. So far, these bottlenecks are great chances for strategic placements. However, it is essential to note that caution should be exercised when considering shorting at the lower end of the range. This strategy carries inherent risks, as it may expose one to the possibility of experiencing significant pushback. There was a big increase in open interest overnight, and people with short positions were willing to pay a premium.
In the world of cryptocurrencies, a short squeeze occurs when intelligent traders who have borrowed a digital asset to sell it at a lower price to make a profit are forced to buy back the borrowed assets due to an unfavorable change in market conditions. This sets off a chain reaction of rising prices, which further excites the market.
Bnb Growth or Correction?
If you look at Jack’s chart, it is clear that he believes that the price of BNB will rise strongly and reach the fantastic $250 mark. But he also believes that a correction will cause the price to drop heavily to $230.
Based on a study of the charts, it is clear that the BNB bulls are likely to start numerous bounces from the support level, leading to a decline by July 17.
In Jack’s opinion, BNB could be on the verge of a significant drop towards the $120 mark.
Regarding the increasing regulatory attention towards Binance, its withdrawal from various jurisdictions, alterations in rewards and card benefits, cessation of operations in certain countries, and the accompanying legal fees and related factors, I am curious to hear your perspective on the level of realism associated with this situation.
BNB is currently at $236, which means that if Jack’s hostile target is met, the price will likely drop by about 50%.
The crypto expert closely monitors what is happening with Solana (SOL), a competitor in the Ethereum (ETH) environment. Jack’s research shows that the SOL/BTC pair on Solana will correct after reaching the 0.0006936 BTC ($21.06) support level.
Based on my expert research, it is evident that the SOL/BTC pair will return to a strong zone. Revisit the above sentence to see if the DeFi (decentralized finance) phenomenon that has been much talked about recently is possible. This may assist in comprehending the potential for growth and evolution.
Fundamental trader analysis shows that the SOL/BTC pair could reach its diagonal support level, around 0.00056 BTC ($17). At this critical point, there is a possibility of a recovery or a substantial drop to 0.0003858 BTC, which is $11.71.
At the moment, SOL is worth $22.21.