Popular Cryptocurrency Analyst il Capo Evaluates MATIC and BNB
Renowned cryptocurrency analyst il Capo, known for his bullish comments at the beginning of the last bull market, has recently shared insights on Polygon (MATIC) and BNB, one of the largest altcoins, following the recent surge in the cryptocurrency market.
il Capo’s Assessment of MATIC
Discussing MATIC first, il Capo noted that the recent surge propelled the altcoin’s price to approximately $0.90, reaching what he considers the “mid range.” He initially set a price target of 0.29-0.30 and updated that the short position he previously opened for MATIC has reached a break-even point with the recent rise.
Analysis of BNB
Turning to BNB, il Capo mentioned that the altcoin has not yet received bearish confirmation in large time frames, and the overall outlook aligns with the ‘distribution’ model. However, he cautioned that if bearish confirmation emerges, the price of BNB could potentially drop to $39.
As a precautionary measure, il Capo disclosed that he closed the short position for BNB but expressed the intention to open new positions in the event of bearish confirmation.