The cryptocurrency market remains fragile- While the situation seemed to be stabilizing on the cryptocurrency side, Silvergate announces its liquidation. This is another blow for the cryptocurrency market, which did not really need it. From then on, the market fell like Bitcoin, which moved below $22,000. Are token exchanges affected by this news? What are the key levels in this sector? Here is the Weekly Token Exchange!
>> Expose yourself to Bitcoin on Binance, 10% fee reduction with this link (commercial link) <<
Binance Coin sees red: $283 to hold for buyers
Binance Coin Analysis in 3 Days
For the past few weeks, we have observed that the price of Binance Coin (BNB) has blocked at the level of the resistance at $330. For the moment, the sellers are holding their hand, and the price is falling by more than 15% :
Despite the recent fall, the price remains at the last low marked at $283. This is the level to keep to avoid marking an “M top” close to the weekly resistance at $330. A close like this could bring the price to the level of the next bracket at $260.
A reaction from the buyers would be interesting, it would have to be sufficient to close above $328 And $339. Indeed, this would make it possible to separate from the weekly resistance, and to be able to return to the level of the last vertex. As long as the price is stuck between $283 And $328, the course will remain in indecision. The RSI is approaching the bullish trendline, a rebound could occur. The momentum is contracting, a powerful movement could occur once the decision is made.
In the short term, Binance Coin needs to bounce back to $288
The sellers have the upper hand in the short term, but an important support level could allow a bounce :
The last bracket at $300 did not hold, it will act as resistance until proven otherwise. Currently, the bulls seem to be defending the support. If the support holds, a return to the level of the resistance at $300 is to be considered. A close in 4 hours above $294.5 could make it possible to relaunch the dynamic. The course is in a tidy between $288 And $320. The primary trend being bullish, it would be necessary to find a rebound at the bottom of the range to try to restart the bullish momentum installed since the beginning of the year.
The RSI recently broke the bearish trendline, this could help find strength on the buyer side. One should continue to make bottoms and ascending tops starting by moving above 58.
The BNB/BTC pair facing significant resistance
Against Bitcoin, BNB remains fragile. Indeed, despite the rebound, the price is against the resistance at 0.0132 BTC :
For several weeks, the dynamic has been bearish on the BNB/BTC pair. Indeed, the price displays troughs and descending peaks. Also, the institutional bias (EMA 9/EMA 18) is on the downside, and could push the price back in the days to come. Therefore, a return to the level of weekly support at 0.0118 BTC seems possible. Clear, BNB may continue to underperform Bitcoin until momentum changes. This change in momentum could possibly be at the weekly support level.
The RSI is starting to show encouraging signs. In fact, he breaks the bearish trendline and begins to show momentum with ascending lows and highs. To continue on the momentum, it will be necessary to close above 47 of RSI.
Coinbase remains strong
Despite the complicated context with the recent liquidation of Silvergate, the price of Coinbase remains solid. As we can see, buyers defend the $60 range middle bracket :
For now, all returns at the 9 and 18 moving averages are bought by sellers. Despite this, the rebound is still timid, it would be necessary to relaunch the momentum by closing above $74. Whatever happens, it will have to grow above $88 to get out of the weekly range. In the event of a fall, the price would find new support at the bottom of the range at $48.
The RSI should continue to show ascending lows and highs. For this, it will be necessary to close above 57.
OKB needs to bounce off the support level at $41
OKX’s platform token is bullish for many months. However, buyers are going to have to show up quickly:
The OKB course is testing the strength of the level of bracket at $41. After marking a new all-time high, we should not fall below this support. It would show fragility, and sellers could take advantage of it. In the event of a rebound, the price could head towards the Fibonacci extensions 1.618 and 2 located between $66 And $80.
For the moment, the dynamic remains bullishbut momentum is showing signs of fragility. Indeed, the bullish trendline has been broken, and this is not a good sign. A rebound could occur, but it could be a short-lived rebound.
The KCS is at the support level at $8.5
The Kucoin Token is still bullish in unit of time 3 days. For now, the momentum with bottoms and rising tops holds:
A new bounce could occur here. Indeed, the price is always above the $8.5 weekly support, and the institutional bias is on the upside. It will be necessary to close above $9.2 to relaunch the dynamic, and rediscover the resistance at $10.5. If the sellers continue to push, the price could lose the support. In this case, a return to the level of the next $6.5 weekly support is not to be ruled out.
Momentum is still moving above the bearish trendline. The momentum should continue with an RSI developing above 67.
Binance Coin is in limbo between $328 and $282. Once one of the two levels is broken, we should see more clearly on this altcoin. In 4H time unit, the price is at the bottom of the range. Buyers need to react here, or else the primary dynamic could change. BNB continues to underperform Bitcoin, and this may continue in the coming weeks. While Bitcoin and cryptocurrencies fall, Coinbase’s price remains strong. For now, the US stock is holding support at $60. We need a bigger bounce to take place, and the price to close above $74. The OKB and the KCS are on important support levels to keep for the future. Will cryptocurrencies recover, or is it the return of the bear market?
Take advantage of the opportunities to buy low-cost cryptos that the market offers us! To not miss the opportunity of a lifetime, register quickly on the Binance platformSave 10% on your trading fees by following this link (trading link).