Are Binance Coin and FTX Token Seeing Red? After The Merge, the party is over

Be careful not to fall asleep – The token trading sector is three times resilient after the start of the bear market. while you Bitcoin and Ethereum have been losing weekly supports for several months, with BNB and FTT retaining their supports. In this complicated macroeconomic situation, the two behemoths continue to impress. Could they still hold the market or are there already signs of weakness? Here is the Token Hebdo exchange.

This market analysis is brought to you in collaboration with CryptoTrader™ and its algorithmic trading solution finally accessible to individuals.

The Exchange Token Index stagnates

The index remains solid and keep on keeping Support. Buyers never give up:

Exchange Token Index Chart (3D)

The primary tendency of the index is bullishbut it must absolutely preserve the support to $5,800. Currently buyers are trying to get it double tap :

  • You first arrest (Fibonacci retracement of 0.382) to $6,900 : this is a favorable area for buyers in an uptrend.
  • You support at $6,600 : area that allows during bounce several times.

The course has incorporated an “M top” and could be headed in the charging area (Fibonacci retracement 0.618-0.786). To avoid the scenario, buyers can reverse the “M top” by reinstalling a dynamic bullish. For this, the price will have to close above $7,100.

The momentum is still hesitant even if it passes over the bearish trend. We need the RSI to definitely leave this dangerous zone where the sellers can still rebuke the hand.

We must not forget that the index has kept the most of the year 2021, the sector of exchange tokens is among the most resilient. It will be necessary to be attentive to this sector in the event of a return to the rise of risky assets.

Binance Coin has support for $275

We were talking last week, the BNB must maintain this level to avoid sliding towards the charging area Come in $215 and $240 :

Are Binance Coin and FTX Token Seeing Red?  After The Merge, the party is over
Binance Coin price against the dollar (3D)

The course is on a double tap and buyers are not giving up. You first arrest doesn’t seem to want to give in and a fence above $300 authorization to restart the dynamic bullish. Be careful, after the local top, the sellers have regained control of the price and they can push the asset into the charging area. A fence under $260 would show that the sellers will continue to have the upper hand, whereas a close above $300 would show that buyers are regaining control. Those are the two levels watch carefully for what happens next.

The RSI is hesitant and must extricate itself from the bearish trend to allow buyers to benefit from the momentum.

You BNB continue to great performer bitcoin, but buyers need to keep pushing and maintain momentum with troughs and ascending peaks:

The price of BNB/BTC could enter a range.
Binance Coin price against Bitcoin (3D)

BNB continues to outperform Bitcoin. The momentum formed a slight bearish divergence and it could come to just over interval Among the two bounds placed on the graph. A divergence simply means that the buyers are running out of steam and they have tailor-made reprimand forces. in dynamic bullish, there can be several divergences without the price collapsing. Usually the price fluctuates until the buyers regain control.

Binance Coin is certainly outperforming Bitcoin, but BNB has not gained value against the dollar. This can be explained by the fact that the dollar is powerful at that time it would have to lose its strength for the risky to regain value.

The FTX Token back at $24

The token of the FTX exchange platform is much less approved by the BNB. The FTT is already in the charging area Come in $23.5 and $25.5 :

The FTT is back in the reload area.
FTX Token price against the dollar (3D)

The course has been postponed to the level of the institutional bias, sellers continue to have control since this “M top”. In the charging area, buyers have the option of reprimanding the principal. This is a bullish zone, but we will have to see if there is any reaction at the level of the Support.

It will be necessary to avoid installing under the support, because the primary dynamics could then be questioned. The momentum is always hesitant and it seems that the bearish trend I pushed back the RSI again. Here again, it will be necessary to leave this zone to no longer be under the influence of sellers.

Against Bitcoin, the FTT mounts these signs of feasible. There is nothing to panic about, but the pair must keep the Support :

The pair is in the direction of support.
Price of FTX Token against Bitcoin (3D)

You bullish right triangle is a number of bullish continuation, but the price is pulling out of the bottom of this chart pattern. The course is approaching Support and buyers are going to have to defend themselves. A fall below the support would be very negative for this asset which has outperformed Bitcoin for more than a year. The “V top” that I formed this brittleit seems possible that the price reacts at the level of the Support transform the “V top” into “M top” or relaunch the dynamism.

The momentum has been pushed back to the level of the bearish trendline, the RSI divergesthe course is likely to cover tidy before a bullish or bearish resolution.

Coinbase Retains Support Heading $90?

Last week, Coinbase’s price slipped below the $70 support. As the price obviously lost support, it was likely to find Coinbase at the next support level at $53. However, the buyers decided otherwise, they reacted and allowed the price to distribute upwards:

Coinbase may join the downtrend at $90.
Coinbase price against the dollar (3D)

The medium having been preserved, the next resistance on the Coinbase route is the bearish trend a $90. Sooner or later, this trend must break if we want to see the price of Coinbase perform against the dollar. Watch out, you institutional bias to subtract lower and could once again push back the course. Now that buyers are shown under $70 and that the sellers are in bulkit is absolutely necessary to avoid allowing sellers to be able to exit without loss (breakeven).

The momentum is still in the hands of the buyers since the breakout of the bearish trend. At the moment, there are no signs of weakness on the RSI.

You FTX Token start looking at these signs of weakness against Bitcoin, but buyers may rebuke the hand at the support level. The exchange token sector continues to perform well, but it is also conservative of a dynamic face in Bitcoin. The dollar is still strong and this prevents risky assets from expressing themselves. If this loses its strength, the exchange token could be among the best performers in the ecosystem. Coinbase is back in extremis In terms of support, would institutional players be new to cryptocurrencies?

Delegate the management of your cryptocurrencies to the remaining master of your funds? Nothing could be easier with the crypto-asset manager CryptoTrader™, a secure, easy to use and 100% automated trading tool.

Source link


Related Articles

Leave a Reply

Your email address will not be published.

Back to top button