- Crypto trader Bluntz identifies Binance’s BNB coin as a shorting candidate.
- Bluntz forecasts a 50% BNB/BTC exchange rate depreciation in December 2022.
- BNB’s value is predicted to continue its downward trajectory, says Bluntz.
Bluntz, a renowned cryptocurrency trader on Twitter, has identified Binance’s BNB coin as a prime candidate for shorting in his portfolio. Utilizing a one-hour timeframe BNB/USD chart, Bluntz has indicated that the BNB price may experience a further decline, potentially establishing a new local low.
Bluntz analyzed BNB’s short-term one-hour chart against its long-term daily chart, deducing that it exhibited the most unfavorable pattern in the larger timeframe. This evaluation aligns with his previous analysis from a few months back, where he declared that the five-year bullish trend of BNB/BTC had stopped.
In December 2022, crypto analyst Bluntz forecasted a 50% BNB/BTC exchange rate depreciation. He suggested that such a drastic shift would have a substantial yet uncertain impact on the BNB/USD trading pair. Despite this, he advised his followers that he would abstain from trading Binance Coin
Bluntz drew parallels between the historical price trends of BNB and Luna before its significant downturn. The Luna graph he presented exhibited a pattern suggesting a long-term peak, characterized by a five-wave surge on the weekly chart, followed by a bearish engulfing pattern. Bluntz highlighted this bearish engulfing pattern as a validation of the peak, forecasting a substantial 50% decline.
Considering the current trend as of December 2022, Bluntz forecasts that the BNB price could range between $80 and $100. He thinks the price will continue downward until BNB breaches its current support levels.
TradingView data indicates that BNB is trading at $223.50, marking a 22% decrease since Bluntz’s initial forecast. The esteemed trader maintains that BNB’s value will persist downward until it aligns with his prediction of a 50% decline. Consequently, he asserts that BNB’s performance remains dismal eight months on.
