Can BNB and FTT rise again while bitcoin ranges? Exchange Token Weekly
The token exchange sector is resilient, but for how long? – The course of Bitcoin continues to move below the psychological threshold of $20,000 and Ethereum continues to move below $1,500. The token exchange sector remains very resilient, but this could quickly change if Bitcoin continues to fall in the coming months. Can BNB and FTT rise again while Bitcoin ranges? It’s Exchange Token Weekly!
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The exchange token index soon back to $5,850?
The exchange token index is stuck in a rankand between $8,000 and $5,800. The trend is overall bearish short term :
The price evolves under the bearish trendlineunder resistance to $8,000 and under the institutional bias (EMA 9/ EMA 18). For several months, the returns at the level of the institutional bias have been sold. Recently, the price rebounded in the reloading area (0.618-0.786 Fibonacci retracement) but buyers are unable to reverse the momentum.
In the short term, if the institutional bias continues to resistancethe price could go back to the level of the weekly support at $5,800. The bulls’ objective will be to hold onto the last low set in June and close above $8,045. The momentum is always brittleit would have to continue to grow above 50.
Binance Coin crashes at $285
Binance Coin (BNB) is in a weekly range. The course evolves between $330 and $215 :
BNB price is below the bearish trendline and below the weekly resistance at $330. As long as this is the case, the price will remain brittle. Also, the institutional bias makes resistance and may continue to reject the course in the coming weeks. However, buyers have the option to change momentum on a weekly basis. For this, it is necessary to keep the last lowest at $257 and close above $298. On the other hand, if the price is rejected and closes below $257there is a good chance that it will end up in the reloading zone located between $241 and $216.
The momentum is bearish on a weekly basis, the RSI failed to maintain the bullish trendline. It will be necessary to revisit bottoms and ascending tops to find a bullish momentum.
Against the dollar, it does not seem impossible to find the BNB on the support at $215this would cause the price to fall by almost 20%. Against Bitcoin, BNB continues to be solid :
Recently, the BNB confirmed the uptrend against Bitcoin by validating a “W”. This kind of price development is very often bullish, as it shows that the sellers have failed to change momentum. Institutional bias is a dynamic support since June 2022 and it appears to be acting as such once again. Despite the bearmarketBNB continues to be bullish against Bitcoin and this shows that some altcoins are starting to take an important place in the cryptocurrency market.
The momentum is in contraction. The RSI can no longer print new highs higher than the previous ones, nor low lows than the previous ones. The momentum is not clear on the RSI and this often results in volatility.
FTX Token is below weekly support
While the FTT evolves in a weekly range between $32 and $24the price slips dangerously below the weekly support :
Since the top marked in July 2022, the institutional bias has pushed back all rebounds. In the short term, the dynamic is bearish and we will have to wait for a change in momentum on a weekly basis to be optimistic on this asset. A double bottom could take place on a weekly basis if the last low is maintained and the buyers manage to close above $33. If this rebound occurs, it will also be necessary to exceed the resistance weekly and the bearish trendline to find a bullish asset.
The momentum is bearishthe RSI evolves below the bearish trendline. This shows that the course remains brittle and sellers are in control for now.
Against Bitcoin, the FTT is changing dynamics:
Be careful, if the price closes below the last low, the dynamic changes against Bitcoin. If this is confirmed, the price would change momentum and buyers may find it difficult to defend the price. weekly support. In this case, the course could take the direction bearish as indicated by the red arrow on the graph. For its part, the RSI does not show anything encouraging, the sellers have their hands on the momentum.
The FTX Token is much more brittle than its counterpart the BNB. Buyers should show up quickly to avoid panic movements.
Coinbase continues to be rejected for institutional bias
Coinbase is an interesting asset to study, because it allows you to know if the institutional actors are interested in cryptocurrencies. Since May, the momentum has changed, and sellers have weakened. However, in the short term, institutional bias continues to resistance :
The price is still moving above the support located at $62. The buyers’ objective is to close above $76. This would make it possible to find a bullish momentum in the short term and, perhaps, to see the price of Coinbase again above the resistance at $82. Attention, the price continues to evolve under the bearish trendline and as long as this is the case, the course will remain brittle.
The momentum is bearishthe RSI is below the bearish trendline. Recently, the RSI was rejected at the level of this trendline, it would be necessary to exceed it to regain strength.
The token exchange sector is bearish in the short term as long as the institutional bias pushes the price back. the BNB is very strong against Bitcoin, but the asset could fall against the dollar. Indeed, it does not seem impossible to see BNB back in the reload zone between $216 and $241. For its part, FTT is more fragile, buyers must show up quickly to avoid a fall against Bitcoin. Coinbase is showing strength and the price could rally higher if the buyers manage to close the price above $76. While the US market is doing poorly, Coinbase’s price is showing strength and this remains positive for cryptocurrencies.
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