A closely followed crypto analyst says that one hot altcoin hasn’t even seen the real gains yet, despite recently doing a 3x in less than a month and predicts Binance Coin (BNB) is also destined for new all-time highs.
The pseudonymous analyst known as The Crypto Dog tells his 746,000 followers that he’s bullish on GMX, a decentralized exchange (DEX) specializing in perpetual futures and aims to provide low swap fees and “zero price impact” trading.
Despite already rallying over 200% in July from the $15 range to over $45, the Crypto Dog says that GMX, the DEX’s utility token, is itching to move higher as price trades near an area with very little volume profile.
“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.”
According to the analyst, GMX “has not started” on its journey.
Along with GMX, the crypto analyst is also bullish on Binance Coin (BNB), the native token of Binance, the world’s largest digital asset exchange by USD volume.
The analyst says both coins are “outliers” that will likely remain bullish and resistant to Bitcoin dips.
“Seriously though it is nice to just focus on outliers that are clearly more bullish than the rest of the market and sit on them.
If the supply of a token is being hoarded, it really doesn’t matter if BTC dips here and there.”
Specifically, The Crypto Dog says BNB is backed by Binance’s strong reputation as a company and the character of the exchange’s CEO Changpeng Zhao (CZ).
“It might feel weird to go heavy in 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 all-time high against the US dollar is a matter of time. I think it’s reasonable.”
At time of writing, GMX is trading for $41.17 while BNB changes hands for $311.
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Featured Image: Shutterstock/Vanessa SG/Natalia Siiatovskaia