Rebound in progress too cryptocurrencies – The year 2023 is off to a good start, just like that Bitcoin Rises 30%. BTC therefore appears to be attracting capital and its dominance is on the rise. A week after announcing laying off 20% of its workforceCoinbase’s price shows one increase of more than 80%. Institutional players seem to be interested in cryptocurrencies again, will the dynamics be bullish in light of this craze? It’s Exchange Token Weekly!
Despite Bitcoin’s rebound, Binance Coin remains in bearish momentum
that Bitcoin has changed momentum in the short term with this beautiful jump in 2023. Altcoins appear to be less attractivelike the Binance coin (GDP). In fact, BNB is on the way back, but the short-term momentum remains bearish :
The course is registered in a cleaned up Between $330 and $215. To restart a bullish momentum on a weekly basis, buyers must close above $400. Recently BNB broke bearish trend line and bounced off it, but the momentum still remains fragile.
By falling under $250 on December 15, BNB marked a peak and a falling trough. This shows that the momentum is in the hands of the sellers until proven otherwise. However, this recovery does not change the dynamics in the short term. Currently, the price is increasing in « V-bottom“, a structure that remains fragile. To change the momentum, the price can fall towards bracket for $260then go up and break the last summit at $314.
As explained in the introduction, Bitcoin attracts capital. Given the situation, it seems logical that the price of the BNB / BTC pair is showing signs of restlessness :
That last week, we had identified the two possible scenarios for the price of the BNB/BTC pair. It appears that the course has chosen the scenario materialized by the red arrow. Price stumbled against institutional bias (EMA 9/EMA 18), it slips dangerously below support. It seems possible that the courses will be included in the next ones weekly support. For now, the dynamic remains bearishit will be necessary to mark a peak higher than the previous one to change the momentum.
The progress is bearishRSI marked a new low 41. Momentum will remain fragile as long as it develops under bearish trend line.
Coinbase Punishes Sellers, Climbs Over 80%
The Coinbase rate is interesting to study because it provides clues about the institutional actors. This movement shows some interest in cryptocurrencies. For buyers, the goal was to get back over resistance at $48. With this huge recovery, the buyers managed to get the sellers to fold:
The movement below the technical level to 48 USD looks like DETOUR. Theoretically, the price returned to its cleaned up Between 48 USD and 80 USDthe goal is now to return to the level of resistance at $80. Please note that this rebound occurred on a fragile “V-bottom” structure, so let’s be cautious. You will have to break bearish trend line and change the dynamic to avoid one new wave of decline (green arrow).
On the side of momentum, the situation is improving. After several months under bearish trend line, the RSI is now moving above. We will need to continue to show momentum with bottoms and rising tops. In case of fence over 53 of RSI, momentum would mark a bullish divergence.
OKB could fall to $22?
The OKX platform token is in uptrendbut the price struggles to exceed resistance at $32. There have been several times that the price has blocked at this level in a few days, a rejection cannot be ruled out:
To reboot bullish momentum on a weekly basis, the price must close 34 USD. But at the moment the price is blocked at the level of resistance. Do not forget that the course is in one cleaned up Between $32 and 10 USD. Therefore, a new refusal will not be unlikely. Momentum is also on par with a resistance zone on it ROI and in overbought zone. So a return to 22 USD is quite possible.
If buyers manage to exceed resistance and get the price to close 34 USDmomentum would continue and the first theoretical target is around the last record high at 44 USD.
Kucoin back to $8.5 soon?
KCS rebounds on par with $6.5 weekly supportbuyers have the option to push up to resistance at $8.5 :
The price develops below 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 level of a double resistance :
- The resistance to 55 from RSI: this has pushed the price back several times since February 2022. A new rejection cannot be ruled out.
- That bearish trend line : a trend line that was set up in February 2021. It has been that way ever since two years that the RSI is moving below this bearish trend line.
If the RSI manages to break out of this double resistance, a large-scale movement could take place. Is Kucoin Exchange Token Price Ready To Punish Sellers?
that Binance coin jumps and evolves above 260 USD, but momentum remains bearish in the short term. The couple BNB/BTC shows fragility even as Bitcoin appears to be attracting capital. In the US market, Coinbase surprises, posting an increase of more than 80% in a matter of days, carried away by Cathie Wood. The price is back in the range between $48 and $80, which is good news for cryptocurrencies. OKB remains firmly below the resistance at $32, it looks like the price will pause and return to the support level at $22. KCS bounces 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 are still many hurdles to overcome before it can start a long-term uptrend.
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