A market still in uncertainty – In the aftermath of the long-awaited FED meeting, uncertainties persist. The market reacted well to the 75 point increase base – which corresponded to the operators’ expectations. But the price of risky assets fell when J. Powell (FED Chairman) announced that the final rate will probably be higher than that which the consensus imagines. Whereas cryptocurrencies are on the rise again, is it already the end? The sector of exchange tokens can it continue to be ultra-resilient in this complicated macro-economic context? Let’s analyze the charts in the Weekly Token Exchange!
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The token exchange sector changes dynamics
The last week, we were talking about a reaction at the level of the reloading area (0.618-0.786 Fibonacci retracement), the sector is starting to rise again.
At the end of last week, the price confirmed the change in dynamics, the sector returns bullish short term. Indeed, the buyers managed to close above 6 680 dollars. On the other hand, the graph always remains blocked between the two terminals located at $8,000 and $5,800. A first step is made, but the course could quickly find resistance at $8,000. A resistor that corresponds to the upper limit of the range and to the level of the bearish trendline.
However, if buyers want to regain a bullish momentum on a weekly basis, it will be necessary get rid of this resistance and close above 8 045 dollars. A close at this level would make it possible to find troughs and ascending peaks on a weekly basis (Dow theory). The momentum is bullish. The RSI needs to keep moving higher and above 60 to show that the buyers are in control of the momentum.
Binance Coin already on a resistance zone?
The Binance Coin (BNB) is very solid. He is already at the level of the weekly resistance.
The token managed to surpass the bearish trendline and change momentum in the short term. It’s a good start, but the price is already rubbing several resistors which could slow down the course.
- The weekly resistance to 330 dollars : this could reject the course in the coming days and confirm that it is a range between 330 and 215 dollars;
- The first stop (0.382 Fibonacci retracement) to 370 dollars : the first stop generally allows the price to rebound in the direction of the trend. Here the trend is weekly bearish and the first stop could act as a résistance.
A close above $338 would allow the fourth capitalization of cryptocurrencies to regain a weekly uptrend. Momentum continues in its uptrend. Buyers are in control. By closing above 61 RSI, traders confirmed the bullish momentum momentum. This shows that the buyers have strength and the price could benefit from it.
Against Bitcoin, BNB confirms and continues to outperform with Bitcoin.
The price rebounded at the level of the institutional bias (EMA 9/ EMA 18) which also corresponds to the weekly support. BNB confirms and continues to outperform Bitcoin within the bear market. If the dollar continues to lose strength, BNB could quickly regain value against the dollar.
The FTX Token regains colors
The FTT is recovering, but it is still in bearish momentum short term.
The price is back above the weekly support at 24dollars$, but the lows and highs are still descending at the moment. To find a bullish momentum, the price will have to lean once again at the level of the support and exceed $26 (green arrow scenario). For the moment, the price is still under the bearish trendline and under the weekly resistance at $32.5. BNB is leading the way. Will the FTT follow her?
The momentum is timidly changing momentum. A fence above 54 would be a good sign for the future.
FTT bounces off weekly support against Bitcoin. Unlike the BNB, the FTT is always in a range against Bitcoin.
It seems that the course has chosen the scenario materialized by the green arrow. Attention ! The price reacted well to the level of the weekly support, but the institutional bias is always bearish and could resist in the coming days. It will be necessary to overcome the resistance to find a powerful FTT against Bitcoin.
The momentum is always febrile as shown by descending troughs and peaks. Overall, FTT is much weaker than BNB.
Coinbase needs to react again at the support level at $60
Coinbase is blocked in a row between 75 and 60 dollars. For the moment, the buyers are unable to resume a short-term bullish momentum.
The course is again at the level of the middle support at 60 dollars. The institutional bias continues to push back the course and remains bearish. To find a bullish momentumoperators will have to exceed $78. If the support is broken, the price will head towards the next support at $48.. As long as the price is under the resistance located at 80 dollars and below the bearish trendline, sellers can regain control at any time.
The momentum is building up contractbut the RSI is still stuck below the downtrendline. It will be necessary to overcome it to regain strength on the buyer side.
The token exchange sector is changing dynamics, like the BNB leading the way. The BNB confirms and continues to outperform Bitcoin in this bear market period. the FTT is, for its part, always febrile. Price is back above support, but momentum remains bearish for now. On the NASDAQ side, the price of Coinbase is always hesitant, fluctuating between 60 and 75 dollars. Coinbase is still under two strong resistances and as long as it is, bulls will struggle. In the aftermath of the FED meeting, the token exchange sector continues to be solid, but did J. Powell put the operators off by making a speech always Hawkish?
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