Exchange tokens bounce from key support levels as COIN looks for direction

Exchange tokens bounce from key support levels as COIN looks

Numerous hype was constructed up earlier than the Coinbase listing on the Nasdaq on April 14 and several other cryptocurrencies rallied within the run-up to the occasion.

However, merchants often purchase the rumor and promote the information. In this case, they purchased till the occasion, after which a number of buyers appear to have booked earnings aggressively. This resulted in a correction in a number of main cryptocurrencies, together with Bitcoin (BTC).

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Crypto market knowledge day by day view. Source: Coin360

In the run-up to the Coinbase itemizing, a number of exchange tokens rallied as merchants bid up their worth in relation to Coinbase’s $100 billion valuation. Now that COIN has been buying and selling on Nasdaq for almost every week, let’s check out how change tokens are performing for the reason that itemizing.

BNB/USDT

Binance Coin (BNB) was quoting at $256.72 on Feb. 19 and from there, it rallied to an all-time excessive at $638.56 on April 12, giving 148.73% returns to buyers.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for BNB on April 2, earlier than the rally picked up momentum.

The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of knowledge factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

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VORTECS™ Score (inexperienced) vs.BNB worth. Source: Cointelegraph Markets Pro

As seen from the one-month chart above, the VORTECS™ Score for BNB flipped inexperienced on April 2 when the worth was near $335.

Barring small intervals, the VORTECS™ Score remained within the inexperienced all by way of the rally to $601 on April 13. Thus the indicator may have assisted merchants in sticking with the rally even whereas different analytical strategies might have warned of overbought levels.

The coin witnessed revenue reserving above $600 and corrected to the 20-day exponential shifting common ($463) on April 18. However, a constructive signal is that the bulls didn’t enable the worth to hold beneath the 20-day EMA.

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BNB/USDT day by day chart. Source: TradingView

Both shifting averages proceed to slope up and the relative power index (RSI) is above 68, indicating that the bulls are in management. Buyers might face resistance at $600 but when they’ll clear this hurdle, the BNB/USDT pair may march as much as $638.56.

The bears will once more attempt to stall the uptrend within the $600 to $638.56 zone. If the worth turns down from this zone, it may as soon as once more dip to $428 and the pair might stay range-bound for just a few days.

However, if the bulls drive the worth above the all-time excessive, the pair may choose up momentum and rally towards $832. This bullish view will invalidate if the bears sink and maintain the worth beneath $428.

Such a transfer will recommend that provide exceeds demand and that would pull the worth all the way down to $348.69. 

FTT/USDT

FTX Token (FTT) rallied from $28.82 on Feb. 19 to an all-time excessive at $59.59 on April 14, clocking positive factors of 106.76%. Since then, the token has been in a corrective section however the constructive signal is that the bulls haven’t allowed the worth to maintain beneath the 20-day EMA ($48.70). This suggests robust shopping for on dips.

The information of the FTX change burning over $6.4 million value of FTT, $2 million greater than their earlier document, is more likely to appeal to consumers as it exhibits the change has been doing sturdy enterprise. As extra tokens are burned, the availability will scale back and with rising demand, the worth is more likely to transfer larger.

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FTT/USDT day by day chart. Source: TradingView

If the bulls can push the worth above $52.55, the FTT/USDT pair may rally to $59.59. If the bulls can thrust the worth above this resistance, the momentum is more likely to choose up and the pair may rally to $71.89.

However, if the bulls fail to propel the worth above $52.55, it’s going to recommend that demand dries up at larger levels. That may strengthen the bears and they’re going to then attempt to sink the worth to the 50-day easy shifting common ($41.32).

This is a vital support to be careful for as a result of the worth has not closed beneath it since mid-November of final yr. Therefore, a break beneath it’s going to recommend a change in development and open the gates for a deeper correction to $32.

HT/USDT

Huobi Token (HT) was buying and selling at $18.94 on Feb. 19 and from there it moved as much as an all-time excessive at $26.89 on Feb. 20, however since then, it has not been in a position to come near the extent.

The token witnessed a pointy correction after hitting the all-time excessive and it dropped to an intraday low at $12.13 on March 25, shedding about 55% from the highs.

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HT/USDT day by day chart. Source: TradingView

Generally, after a deep fall the worth consolidates in a variety earlier than beginning the following trending transfer. The identical factor occurred with the HT/USDT pair as nicely. The pair traded between $12.13 and $18 till the bulls pushed the worth above the resistance on April 10.

However, the bulls couldn’t maintain the breakout as the worth turned down from $22.76 on April 12 and re-entered the vary on April 18.

The bulls are attempting to defend the 50-day SMA ($16) however are struggling to maintain the worth above $18. This exhibits promoting at larger levels. If the worth turns down and breaks beneath the 50-day SMA, the pair may drop to $12.13 the place consumers might step in.

Contrary to this assumption, if the bulls can maintain the worth above $18, the pair may rally to $22.76. A break above this resistance may problem $26.89. The bulls must clear this resistance to renew the uptrend.

OKB/USDT

OKEx (OKB) jumped up from $12.50 on Feb. 19 to an all-time excessive at $24.74 on April 12, a achieve of 98%. However, it was not a one-way transfer however a curler coaster experience for the buyers.

The coin had hit an intraday excessive at $23.80 on Feb. 22 nevertheless it witnessed a pointy fall and dipped to $12 on March 25, shedding about 50% from the highs. However, as an alternative of forming a variety, the worth rapidly began a V-shaped restoration.

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OKB/USDT day by day chart. Source: TradingView

Although the bulls cleared the $23.80 hurdle on April 12, they may not maintain the upper levels. The OKB/USDT pair once more witnessed a pointy decline and hit an intraday low at $13.92 on April 18.

The bulls are at the moment making an attempt to begin a aid rally however have hit a wall on the 20-day EMA ($17.98). This suggests the sentiment has turned unfavourable and merchants are promoting on rallies. If the worth turns down and breaks beneath $14, the pair may drop to $12.

A break beneath this degree may intensify the promoting and the pair may drop to $8. The 20-day EMA has began to show down and the RSI is just under the midpoint, suggesting a slight benefit to the bears.

This unfavourable view will invalidate if the bulls push and maintain the worth above the 20-day EMA. Above this resistance, the pair may transfer as much as the 61.8% Fibonacci retracement degree at $20.60. This degree is once more more likely to act as stiff resistance however whether it is scaled the pair may retest $24.74.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph. Every funding and buying and selling transfer includes danger, you must conduct your personal analysis when making a choice.