2023-11-25 17:00:00
Exchanges are in the news – The king of cryptocurrencies is trying to return to the psychological round number level at $40,000, and Ethereum is struggling to shake off resistance at $2,100. Most altcoins are struggling as capital tends to flow into Bitcoin. For their part, exchange platforms are experiencing turbulent times. Indeed, earlier in the week, the world of cryptocurrencies shook with the resignation of Changpeng Zhao, aka CZ, from the position of CEO of Binance. The world’s number one platform will also have to pay a fine of more than $4 billion. In this article, we will return to the technical situation of the exchange token sector. Some, like Bitget’s BGB, KuCoin’s KuCoin Token, or OKX’s OKB take advantage of the form of Bitcoin. Binance Coin (BNB) is clearly having more difficulty expressing itself currently.
Binance Coin (BNB) must retain support at $210
For the moment, the misadventures of the world’s number one exchange platform did not scare market operators. Indeed, the price risks closing the week in the red, but there was no significant bearish volatility after the various announcements concerning Binance. Concretely, BNB is in a range since May 2022. The price oscillates between support at $210 and the resistance at $330 :
Binance Coin price against the dollar (1W)
Buyers must absolutely maintain the level of support at $210 to avoid a downward wave which could bring the price back to the level of 44 $. In fact, this is the next level of support solide in the event of breakage of the support at $210. For the moment, the price is moving above support, but it is stuck at the level weekly resistance at $255. The price is also moving below the bearish trendline. If the price maintains the support, and breaks the bearish trendline, the bullish volatility could be put in place. In this case, a return to the level of get to it is entirely possible.
The RSI is bullish weekly, the buyers benefit from momentum weekly.
Bitget’s BGB is bullish on a weekly basis
Bitget is also in the news, but for other reasons. Bitget’s web 3 wallet recently integrated the Chiliz Chainand Bitget launched Task2Geta web exploration platform 3. The development of Bitget in 2023 made it possible to convince operators since the BGB price displays a performance d’environ 200 % in 2023. The price recently closed at 0,534 $ weekly, allowing the trend to be confirmed with rising lows and highs:
BGB price against the dollar (1W)
With a close like this, the price could head towards thetheoretical objective located at the level of Fibonacci extensions 1.618 and 2. Therefore, if the price maintains the level of support at $0.48a return between 0,64 $ et 0,72 $ is possible. A break in the support would clearly be negative for the BGB, because the objective of the sellers would be to bring the price back to the level of the next support at $0.42. Also, this would mark a deviation beyond the level at $0.48.
The RSI has recently broken the bearish trendlineand this brought bullish volatility on the course. From now on, the RSI will have to build momentum with ascending lows and highs so that the buyers maintain momentum.
After the break of the bearish trendline, the KuCoin Token experienced bullish volatility
While Binance is in turmoil, the KuCoin platform has chosen this moment to take out the “KuCard”. This bank card will be available in Europe and will allow you to have benefits such as cashbacks. Unlike the BGB, the KuCoin Token does not show bullish momentum on a weekly basis. However, recently the course has bounce the level of $4 support. The rebound made it possible to break the bearish trendlineand the price displays a increase of almost 100% :
KuCoin Token price against the dollar (1W)
The KuCoin Token displayed a dynamic with descending lows and highs since November 2021. Also, all returns at the level of bearish trendline were sold by market operators. Despite the recent upward explosionthe dynamic remains fragile. We will have to find a dynamic with rising troughs and peaks. The KuCoin Token is heading towards resistance at $8.5. A break of this resistance could bring the price back to the level of the next resistance located at $10.5. On the other hand, a rejection could send the course to the level of support at $6.5.
The RSI recently broke the bearish trendlineand this generated bullish volatility. The momentum indicator is bullishit will be necessary to maintain a bullish momentum weekly so that the buyers can benefit from the momentum.
OKB takes advantage of Bitcoin’s shape to mark new highs in 2023
OKB looks like BGB on a weekly basis. Indeed, it also displays a bullish momentum. This dynamic with rising troughs and peaks was confirmed after the break of the bearish trendlineand the weekly close beyond 59 $. The course is increased by more than 50% before pausing:
OKB price against the dollar (1W)
As for the BGB, we can define theoretical objectives, because there is no longer any resistance in its path. In fact, the course could join the extensions 1.618 et 2 of Fibonacci located between 72 $ et 80 $. To do this, it will be necessary to maintain the level of support located at $52. A break of this support level could bring the price back to the level of next support located at $47. Here again, the break of the bearish trendline on the RSI made it possible to generate bullish volatility. The RSI draws a bullish momentumTHE buyers have their hands on momentum weekly.
The exchange token sector is doing relatively well, the BGB and OKB are currently following the king of cryptocurrencies. If it maintains its support, BGB could rise to the Fibonacci extensions between $0.64 and $0.72. For its part, OKB could return between $72 and $80. Despite the various bad news concerning the Binance platform, the price did not react excessively downward. The price must absolutely maintain its support level at $210 to avoid a bloodbath on this asset. The token of the KuCoin platform explodes upwards, but the dynamic remains fragile on a weekly basis. We will need to regain momentum with rising lows and highs on this asset, and maintain support at $4. If the bear market is truly over, platforms could benefit from the influx of capital from new entrants. In this scenario, altcoins and the exchange token sector could benefit. For its part, Ethereum must get rid of resistance at $2,100 to experience bullish volatility.
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