Return in progress for cryptocurrencies – The year 2023 has a good start, like him Bitcoin rises 30%. Therefore, BTC seems to be attracting capital and its dominance is growing significantly. A week after the announcement of dismissal of 20% of the workforceCoinbase price is showing a increase of more than 80%. Institutional players seem to be interested in cryptocurrencies again, will the high dynamics in the face of this craze? It’s Exchange Token Weekly!
Despite Bitcoin’s comeback, Binance currency remains bearish
of Bitcoin has changed momentum in the short term with this nice bounce in 2023. Altcoins appear to be less attractivelike Binance Coin (BNB). Indeed, BNB is making a comeback, but the short-term momentum remains wave :
The course is registered in a adjust between 330 dollars AND 215 dollars. To restart a bullish momentum on a weekly basis, buyers will have to close higher 400 dollars. Recently, BNB broke bearish trend line and jumped out of it, but the momentum still remains fragile.
Falling under 250 dollars on December 15, BNB marked a peak and a descending trough. This shows that momentum is in the hands of the sellers, until proven otherwise. However, this rebound does not change the dynamics in the short term. At the moment, the price is increasing to « V-bottom“, a structure that remains fragile. To reverse the momentum, the price may fall straight bracket at $260then go up and break the last peak at 314 dollars.
As explained in the introduction, Bitcoin attracts capital. Given the situation, it seems logical to show the price of the BNB / BTC pair signs of concern :
of last week, we had identified two possible scenarios for the price of the BNB/BTC pair. It seems that the course has chosen the scenario materialized by the red arrow. Price stalled vs institutional biases (EMA 9/EMA 18), slips dangerously below SUPPORTING. It seems quite likely that the courses will join the queue weekly support. For now, the dynamic remains waveit will be necessary to mark a peak higher than the previous one to change the momentum.
The moment is waveThe RSI hit a new low below 41. The moment will remain fragile as long as it evolves under bearish trend line.
Coinbase Punishes Sellers and Rises Over 80%
The Coinbase course is interesting to study because provides data for institutional actors. This move shows a certain interest in cryptocurrencies. For buyers, the goal was to turn over resistance at $48. With this huge rebound, buyers managed to make sellers fold:
Moving below the technical level for it 48 dollars it looks like a DIRECTED. Theoretically, the price returned to its level adjust between 48 dollars AND 80 dollarsthe objective now is to get back to level e resistance at $80. Please note that this recovery took place on a fragile “V bottom” structure, so let’s be careful. You will have to break bearish trend line and change the dynamic to avoid a new wave of decline (green arrow).
On the side of momentum, the situation is improving. After a few months under bearish trend line, the RSI is now moving higher. We will need to continue to show momentum with rising bottoms and tops. In case of a fence above 53 of RSI, the moment would mark a bullish divergence.
Could the UN fall to $22?
The OKX platform token has been entered growing trendbut the price is trying to exceed resistance at $32. There are several times that the price has been blocked at this level in a few days, a refusal cannot be excluded:
To restart bullish momentum on a weekly basis, the price should close higher 34 dollars. However, for the moment, the price is stuck at the level of resistance. Remember that the course is in a adjust between 32 dollars AND 10 dollars. Therefore, a new rejection would not be impossible. Also, the momentum is at the ea level resistance zone IN ROI and in overbought area. So, a return to 22 dollars it is quite possible.
If buyers manage to exceed resistance and cause the price to close higher 34 dollarsthe momentum will continue and the first theoretical target is around the last all-time high at 44 dollars.
Kucoin back to $8.5 soon?
SKK jumps to the level of Weekly support of $6.50buyers have the option to postpone until resistance at $8.5 :
The price evolves under bearish trend line, as long as this is the case, sellers have the opportunity to regain control. The course goes to resistance at $8.5, he could be rejected at first. Momentum is at the ea level double resistance :
- Resistance to 55 by RSI: this has pushed the price back several times since February 2022. A new rejection cannot be ruled out.
- of bearish trend line : a trend line that was created in February 2021. Since then two years that the RSI moves below this downtrend line.
If the RSI manages to break out of this double resistance, a large-scale movement could occur. Is Kucoin Exchange Token Price Ready To Punish Sellers?
of Binance Coin jump and evolve higher 260 dollars, but momentum remains low in the short term. The couple BNB/BTC shows fragility, even if Bitcoin seems to attract capital. In the US market, Coinbase surprises and posts an increase of more than 80% in the span of a few days, taken by Cathie Wood. The price has returned to the range between $48 and $80, which is good news for cryptocurrencies. UN remains stuck below the resistance at $32, it seems possible that the price will stop and return to the support level at $22. KCS is bouncing off the support level at $6.5, a move back to the resistance level at $8.5 seems possible. The token exchange sector is recovering, but there is still a lot of resistance to overcome before a long-term uptrend begins.
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