Return of the rise for cryptocurrencies?- Binance is getting into the Oracle Defi business, and traders seem to be reacting well to the news. Also, Sam Bankman-Fried – the boss of the FTX platform – announced that the team was working on a stablecoin. For the past few days, news has been pouring in for the token exchange sector. As Bitcoin climbed back above $20,000, BNB is trying to break above the $300 threshold. Are exchange tokens regaining bullish momentum?
This market analysis is brought to you in collaboration with CryptoTrader™ and its algorithmic trading solution finally accessible to individuals.
The Exchange Token Index recovers in the reload zone
The tokens of the exchange platforms find colors. After several months in trend bearishthe price should change momentum in the short term:
The index changes momentum in the reloading area (0.618-0.786 Fibonacci retracement) if price stays above 6 700 $ at the close. It is an area conducive to purchases, buyers have taken advantage of it. However, the price remains stuck in a range in between 8 000 $ et 5 800 $and it will be necessary to exceed the résistance and the bearish trendline to resume a healthy bullish momentum. In a complicated macroeconomic context, the tokens of exchange platforms are very resilient.
Momentum is moving up, lows and highs are ascending. The RSI is above the bullish trendlineas long as this is the case, the momentum is solid. A fence above 60 of RSI would be interesting and would show that the buyers have control over the momentum.
Binance Coin ready to regain bullish momentum?
Against the dollar, the Binance Coin (BNB) is close toreverse bearish momentuminstalled from the top local last August:
BNB is in a range in between 330 $ et 215 $. Recently, the price closed above the bearish trendline and this shows that the operators are trying to change a dynamic that has lasted since the top of November 2021. Beware, the price is above the bearish trendline, but the price must change momentum and go back above the résistance. For this, the price must close above 298 $ then go back above the resistance at 330 $.
In the short term, operators defend the middle bracket at $260, but the dynamics still do not change. If the sellers wake up and push the price sous 260 $BNB could again be sent at the level of the bottom of the range at $215. The momentum is encouragingthe RSI is above the bullish trendline and it continues to mark bottoms and ascending tops.
Against Bitcoin, BNB is showing signs of weakness :
Since the beginning of 2021, BNB has outperformed Bitcoin and the situation could continue in the weeks and months to come. In the short term, the BNB is at the level of the institutional bias (EMA 9/ EMA 18), this could serve as a dynamic support. To confirm the bullish trend against Bitcoin, it will be necessary to continue to validate troughs and ascending peaks.
The momentum seems to have come out of its contraction from the bottom. This shows that Bitcoin is regaining strength, BNB might experience some difficulties facing the king of cryptocurrencies in case of confirmation. The scenario materialized by the red arrow could be put in place if the operators decide to take profits.
BNB is very close to resuming bullish momentum against the dollar, but it looks like it is losing strength against Bitcoin.
Market analysis proposed in collaboration with CryptoTrader™ and its algorithmic trading solution finally accessible to individuals.
The FTX token still weak against the dollar
The FTX platform token is always weaker than its BNB counterpart. The FTT is still stuck under the institutional bias :
The trend is always bearish against the dollar and the price is struggling to stay above the $24 weekly support. It will be necessary to change dynamics to prove that the passages under the support were only deviations. The momentum confirms a bullish divergence overtaking 44 of RSI, we should continue to see the RSI climbing in order to show that the buyers are still present.
Against Bitcoin, the FTT continues to fall :
The course is stuck under the institutional bias and this one could do again résistance. The price is testing the resistance that has become support, this zone must hold to avoid a new deviation. For that, traders need to change the short-term momentum that remains bearish for the moment.
Coinbase bullish again?
Coinbase has not yet validated any dynamic changebut it could happen in the coming days or weeks:
The operators defended the middle bracket at $60, they are now trying to change the dynamic. For now, sellers are holding, but a close above 76 $ would make it possible to change dynamics and, perhaps, to get out of the weekly range in between 80 $ et 48 $.
The momentum is trying to break through above the bearish trendline. If the trend is confirmed, it would bode well for the exchange. It is interesting to study this asset, because it reflects the interest of institutional actors in cryptocurrencies. Nothing has yet been done on this asset, it will be necessary to exceed 76 $ then 80 $ to find a bullish momentum short term. Once this is done, it will remain to close above the last high to 116 $ to form a double bottom weekly.
The tokens of the exchange platforms find colors like the BNB. Binance Coin is close to validating a bullish structure against the dollar. Beware, Bitcoin now seems to be attracting capital, BNB could suffer if the trend is confirmed. For its part, the FTX token remains weak, the price could even fall heavily in the event of weakness on the Bitcoin side. Institutional players could once again show interest in cryptocurrencies if Coinbase’s price rises above $76 and then $80. After the known storm on the financial markets since the beginning of 2022, could the end of the year be more interesting for risky assets?
Obtain the same results as trading professionals without investing your own time? It is now possible with CryptoTrader™, a powerful fully automated trading solution.