Over the last couple of months I've been following BNX on foot. Where most cryptos saw huge losses, BNX kept on trading bullish and showed relatively great progress. Hence why I called BNX the new bear-market top performer, just like LINK did last bear market.
However, it seems that BNX being a good bear-market performer is out of the window now. Not only has the bullish channel been broken, the price as seen significant bearish follow through as well.
It's difficult to say where BNX will bottom. This sell-off seems orchestrated, so we're likely going to see more bearish pressure. Since the developers control the vast majority of the supply, one would almost think that they have started selling.
I'm looking at $50 and $40 for potential bearish targets. If BNX's team continues to sell their supply and perform some kind of exit-scam we might actually go to $10 or lower.
However, it seems that BNX being a good bear-market performer is out of the window now. Not only has the bullish channel been broken, the price as seen significant bearish follow through as well.
It's difficult to say where BNX will bottom. This sell-off seems orchestrated, so we're likely going to see more bearish pressure. Since the developers control the vast majority of the supply, one would almost think that they have started selling.
I'm looking at $50 and $40 for potential bearish targets. If BNX's team continues to sell their supply and perform some kind of exit-scam we might actually go to $10 or lower.
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