A prominent crypto expert predicts that Binance Coin (BNB) will reach new all-time highs, as the coin is among the “outliers” that are likely to stay bullish and not go down as much as Bitcoin.
The Crypto Dog, a pseudonymous analyst with 746,000 followers, is optimistic about Binance Coin (BNB), the native token of Binance, which is the world’s largest digital asset exchange by USD volume.
‘Outliers in crypto world’
The crypto analyst says that both coins, referring to BNB and GMX, are both “outliers” in the crypto market.
Seriously tho it is nice to just focus on outliers that are clearly more bullish than the rest of the market and sit on em.
If the supply of a token is being hoarded it really doesn't matter if BTC dips here and there.
— The Crypto Dog 📈 (@TheCryptoDog) August 3, 2022
GMX is a decentralized exchange (DEX) that specializes in perpetual futures and intends to provide minimal swap costs and “zero price effect” trading.
He said that GMX is a popular cryptocurrency that hasn’t even seen its true gains yet, after just tripling in value in less than a month, adding that GMX, the DEX’s utility token, is eager to climb higher.
GMX is trading around a region with a very low volume profile, after already gaining over 200 percent in July from the $15 range to over $45.
“Not much GMX has traded above this price. I think the empty space will act as a vacuum past here. Its basically been in year long accumulation between $20-$40.”
Could potentially reach new all-time highs
Meanwhile, The Crypto Dog also claimed that BNB is supported by Binance’s solid standing as a business and Changpeng Zhao, the exchange’s CEO.
CZ has been publicly bullish since the bottom and been vocal about being stacked financially.
It might feel weird to go heavy in sth like BNB but man Binance has a solid track record taking care of their holders.
CZ has been publicly bullish since the bottom and been vocal about being stacked financially.
In my mind ATH/USD is a matter of time, I think it's reasonable.
— The Crypto Dog 📈 (@TheCryptoDog) August 3, 2022
Based on CoinMarketCap data, BNB is trading at $326.46 up around 5 percent from yesterday’s rate, while GMX is trading at $44.55, an increase of about 7.30% from yesterday’s trading.