The token exchange sector is weakening? According to Vitalik Buterin, despite the situation, the year 2023 will be loaded withopportunities. Indeed, there are many challenges to be met, whether in terms of stablecoins, the adoption of wallets, etc. The year 2022 will have been marked by the bankruptcy of the FTX exchange, the exchanges have work to do to restore confidence in these centralized platforms. From a technical point of view, the sector was resilient throughout the year, but the situation could change quickly. BNB appears to be losing strength, and Coinbase continues to set new all-time lows. Is the sector pausing, or are the sellers regaining control?
>> Are you looking for a duly regulated crypto platform? Sign up on Binance, and save 10% in fees (commercial link) <<
Binance Coin breaks support at $260
The edition of the last week evoked the feverishness Binance Coin (BNB), especially against Bitcoin. Despite everything, two scenarios were envisaged, and this is the bearish scenario which has been set up. The price fell below the support at $260 :
The price had already shown signs of feverishness by marking a low under $260. Despite the rebound that caused the price to $317, the sellers managed to confirm the short-term momentum. Indeed, the fence under $250 confirm the downtrend in the short term, and the buyers are going to have to defend the bottom of the range at $215. This support has held since March 2021, but can it hold for much longer? If Bitcoin continues to fall, the support could break down. The price of BNB could fall by more than 40% to reach the area $125.
the institutional bias (EMA 9/EMA 18) is trending down and could make resistance in the coming days. Also, momentum broke an important support level at 40 of RSI. This level could resistance in the coming days. While the BNB was quite resilient during the bear market, the situation could quickly change if the buyers are not there at the level of the market. bracket at $215.
Facing Bitcointhe lesson bounces on a medium:
The course is in bearish momentum in a unit of time three days. It bounced off a support, but the structure is brittle for the moment. The most likely scenario remains a rejection at the level of the EMAs and a return on the next support. We will have to wait for a change in dynamics with bottoms and rising tops to find colors on this pair.
Moreover, the momentum broke the bearish trendline, and it continues to show lower lows than previous ones. You will have to find a bullish momentum on the momentum for the price to rise again. If the buyers don’t show up quickly, things could quickly get out of hand on the BNB side.
Coinbase drops and confirms its downtrend
Coinbase’s price is out of shape. Indeed, the price fell and marked a new all-time low under $35 :
Coinbase price confirms its downtrend at the end of 2022. The year will have been catastrophic for the crypto exchange, the price shows a fall of 87% within a year! the institutional bias could keep doing dam over the next few weeks.
If you think this is an opportunity, it would probably be wiser to wait for the situation to calm down and the price to recover. uptrend clear. For that, we will have to wait to find a bullish momentuma break of the bearish trendline on the course and a dynamic change. The price has made a new historical low, it will take time to build a new support area.
In terms of momentum, it’s not much better. The trend is clearly bearish and an bearish trendline set up. It could block in the days or weeks to come. Through this asset which is totally neglected by institutional actorswe see that cryptocurrencies do not benefit from capital turnover. You will have to be patient to regain attractiveness.
OKB needs to confirm above $24
Coinbase is clearly in downtrendand Binance Coin is brittle. For its part, the OKB is showing resilience, but buyers must quickly confirm:
Buyers continue to show up on this asset. However, it requires a fence above $24 to confirm the trend with troughs and rising peaks. The price is slightly above the bearish trendline, but sellers can take the price below in the coming weeks (red arrow). If Bitcoin finds its way back up, the OKB could well benefit. If the price manages to exceed and close above $24the next objective will be to exceed $34.
The momentum is clearly on the upside, and confirms the good form of the OKB. The RSI must continue to maintain the bullish trendlineand it would also be necessary to break the resistance formed to 66 of RSI. For the moment, there is nothing negative on the momentum.
KCS slips dangerously below support at $6.5
The Kucoin platform token lost more than 75% in one year. However, the price continues to evolve above the level of $5 bracket which has held since April 2021:
the bracket at $6.5 is not lost yet, but the price is showing fragility by sliding below this level. Also, the institutional bias is trending downward and a rejection is likely at this level in the days to come. Given the situation, it seems that the price is heading towards the $5 weekly support. Unlike OKB, the actors don’t seem interested in the KCS for the moment.
Since the RSI broke the bullish trendline, the price fell. It will be necessary to find a bullish dynamic on the momentum to find colors on this asset.
Binance Coin continues to be fragile against the dollar and against Bitcoin. The token exchange sector was solid in 2022, but the situation could change quickly. Indeed, the BNB is not the only one to show difficulties, the KCS is also close to falling to the level of the last rampart. Coinbase falls again, and marks a new all-time low under $35. The juggernaut is in freefall in 2022, and it may not be over. On the other hand, the OKB is solid, it remains to be confirmed above $24, then $34. Beware, if Bitcoin continues to fall, the OKB may well follow…
Will you support the Bitcoin revolution? It’s up to you to get on the crypto train! To do this, and begin to familiarize yourself with this exciting world, do not wait for you create an account on Binance, the benchmark Bitcoin and crypto exchange. You will save 10% on your trading fees by following this link (trading link).
To get more updates about the insurance you can follow our website or can bookmark it.