Fall to come for altcoins? – The tokens of exchange platforms like Binance Coin and FTX token are very strong despite the macroeconomic situation and the general mood of the crypto market. However, the situation can quickly change if Bitcoin decides otherwise. The token exchanges are showing feverishness, but is it temporary or is the sector really out of breath? Let’s analyze the situation of exchange tokens.
This column on BNB and FTT exchange tokens is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.
The token exchange index shows signs of feverishness
The index created by FTX shows that the token exchange sector is one of the most performing since the fall in May 2022. While the price had bounced back the level of weekly supportthe price is now showing some signs of fragility :
The course has recently changed dynamics. Indeed, the price of the index shows an “M top” sign that the uptrend is already over, buyers will have to change the dynamic again for it to go back up in a three-day time unit. Moreover, the bullish trendline has been broken and this again shows feverishness. Finally, the course was dismissed at first stop (0.382 Fibonacci retracement) and this also shows fragility on the buyers side.
The course is currently at the level of a supportbut it remains stuck between the institutional bias (EMA 9/ EMA 18) and the support. If the buyers do not show up soon, it seems likely that the price could return to the level of the ultimate support. This is the last strong support, the one that held the price in May 2021 and then, more recently, in May and June 2022.
The momentum also shows hesitation at the level of the bearish trendline. The RSI was moving well above it, but this situation could be called into question in the days to come. Buyers should show up quickly and defend these levels.
Binance Coin Could Rebound to $275
Binance Coin is one of the most popular cryptocurrencies capitalized of the market. Buyers may react here:
BNB is showing signs of feverishness. The course is very close to changing momentum and the bullish trendline was broken at the end of last week. The price finds itself stuck between the bearish institutional bias and the support. If the support gives way, the price could head towards $244 then 215 $.
The momentum finds itself again against the bullish trendline. A bounce could arrive in the following days. The RSI should move above 52 to continue to have strength on the buy side.
Against Bitcoin, Binance Coin remains very strong. We were talking about it last week in this article, the Binance Coin continues to evolve above the bullish right triangle :
As we can see, the BNB outperforms Bitcoin, and this, since February 2021. Despite the macroeconomic situation, and the bearmarketBNB continues to surprise by having a attractive chart against bitcoin. The course evolves at the level of the institutional bias and could bounce here.
Stochastic reflects the performance of BNB against Bitcoin. As long as the Stochastic moves above the bullish trendline, the BNB can continue like this. It will be necessary to be vigilant to the break of the bullish trendline and to the exit from the overbought zone. At the moment, nothing seems to disturb the fifth capitalization of cryptocurrencies.
FTX token back to $24 soon?
The FTX token seems more brittle than its Binance Coin counterpart. The return to the level of ultimate support already seems to be in the small papers:
The dynamic is now bearish in day view after closing under $26. the bounce started by the course seems to be a false bounce and this could lead to a return to support at $24. Institutional bias seems to make resistance. The course failed to join the first stopa sign that buyers are staying feverish for the moment.
The momentum broke the bullish trendline, sellers are regaining control at this level as well. Buyers will again have to defend the support. Can this one hold on again? Let’s not forget that the more a support (or a resistance) is affected, the more fragile it is…
Against Bitcoin, FTT is bullish :
The FTT comes out of a bullish figure well known by traders: the bullish right triangle. This is very often a sign of continuation of the trend and this is the case once again on this asset. We can hope for a throwback at the level of the resistance that has become support (green) then a bullish impulse against bitcoin. If so, the FTT could gain value against the dollar.
Coinbase could return to $52
Coinbase seemed well on its way to rising again, but the sellers are still present:
The price does not seem to rebound at the level of the bracket at $70. the institutional bias crossed bearish and could do resistance in the coming days. If this is the case, the price could return to the level of the bracket at $52the ultimate support before a new low.
However, the overall momentum remains bullish and the RSI continues to move above the bearish trendline. Buyers have their hands on the momentum. They would have to recover the support at $70 to avoid another fall.
Coinbase is part of the US market. If the price starts to perform against the dollar, it would show that institutional players are interested in cryptocurrencies. After a long period of ranges between $70 and $52the stock should continue to climb.
Binance Coin and FTX token continue to outperform Bitcoin. The FTT even breaks out of a bullish pattern in a bear market. Against the dollar, the FTT and the BNB are showing some signs of nervousness, the buyers must show themselves to avoid a return to the level of the weekly support. In any case, this support must hold to continue to maintain a bullish primary trend. In the event of a sharp fall, Bitcoin could disrupt the trend of these assets which remain very solid. Coinbase is also showing signs of excitement at the beginning of September, which remains a bearish month in the history of financial markets.
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