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In the dynamic world of cryptocurrencies, Crypto Capo, a significant analyst, issues a warning as prices rise more than expected. Even though optimism is evident and sentiment is extremely bullish, Crypto Capo warns of a potential correction on the horizon, possibly even a blow-off top. In a post on Telegram, Crypto Capo focused on MATIC and BNB.
MATIC Update: Looking for Resistance and Potential Correction
While closely monitoring the cryptocurrency MATIC, Crypto Capo’s analysis points to a second test in the mid-range. According to the analyst, the BTC rate is facing resistance and appears to be forming another lower high. The cautious approach suggests a continuation of a short-focused position from $0.90.
The analyst also asks the critical question: Will the altcoin MATIC succumb to pressure and experience a correction amidst the bullish sentiment in the broader crypto environment?
BNB: Balancing Profit and Potential Bear Signals
Turning his attention to altcoin BNB, Crypto Capo provided insight into both higher time frames (HTF) and lower time frames (LTF). According to the analyst, the absence of a bearish confirmation in the HTF makes the overall structure resemble distribution. Meanwhile, in the LTF, BNB is going through a test phase, challenging a support that has broken as resistance, and poking above a previous high level.
According to the analyst, as a precautionary measure, the strategy continues to be adaptable with a stop in profit. In the event of a bearish confirmation, Crypto Capo responds dynamically to the evolving market conditions, indicating a possible addition to the short-focused position.
In the midst of a jubilant market where prices are rising beyond expectations, Crypto Capo’s measured caution serves as a strategic guide for investors. Especially with altcoins like MATIC and BNB, the expectation of a potential correction brings a meticulous approach to trading. Since sentiment maintains an extreme bullish trend, the fundamental inference emerges as the importance of vigilance and adaptability while navigating the current landscape of overextended markets.
Looking at the BNB price, we witness that the cryptocurrency is trading at a level of 239 dollars. The MATIC price, on the other hand, is trading at a level of 0.89 dollars as we write this article.
