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Exchange Tokens See Gains As FTT & OKB Surge - Where Are They Trending?

3y ago
bullish:

7

bearish:

1

The total market cap for the exchange token sector is up 2% today as it hits $76.52 billion. Although the top exchange token, BNB, is down, FTT and OKB have seen some solid weekly gains to bring the price up. Over the past week, BNB dropped by a small 3.66%. OKB saw a strong price hike of 20.4%, and FTT saw a price surge of around 19.5%.

Binance Coin price analysis

What has been going on?

As mentioned, BNB is down by 3.66% over the week as the cryptocurrency continues to battle to break $300. It had dropped from around $675 to as low as $210 during the mid-May market capitulation. Since then, the cryptocurrency has failed to establish momentum above the 20-day MA as it struggles to break above a falling trend line.

BNB rebounded from $260 during mid-June and reached as high as $340 during the first few days of July. Unfortunately, it was still unable to break the resistance at the falling trend line and went on to drop beneath $300 this week when BTC spiked beneath $30K. 

Luckily, the support at $260 was maintained, and BNB has rebounded back near $300. It now sees combined resistance there provided by the falling trend line, the 200-day MA, and the 20-day MA.

BNB is now ranked in the 4th position as it holds a $49.25 billion market cap value.

BNB price short-term prediction: Neutral

BNB is neutral right now, and a closing candle beneath $260 would turn the market bearish in the short term. It would have to break beyond $350 to start to turn bullish again in the short term.

If the sellers push lower, the first support lies at $280. This is followed by $260, $250 (.786 Fib Retracement), and $226 (June lows). This is followed by added support at $210 (May lows) and $200.

Where is the resistance toward the upside?

On the other side, the first resistance lies at the combined resistance at $300. Above the falling trend line, resistance is expected at $325 (bearish .236 Fib Retracement & 50-day MA), $250 (100-day MA), $375, and $395 (bearish .382 Fib Retracement).

OKB (OKB) price analysis

What has been going on?

OKB has seen a strong week of trading as the coin managed to surge by a strong 20.4% to reach the current price of around $13. The cryptocurrency had dropped from above $40 during the mid-May market capitulation and reached as low as $10 during the month.

In June, OKB did continue further lower, reaching the support at around $9. From there, it started to rebound slightly as it pushed higher inside a narrow rising wedge. 

This week, OKB managed to bounce from the lower boundary of the wedge at $10 as it broke resistance at the 20-day MA. It broke above the wedge yesterday and continued higher above $12 today to reach the current $13 price. 

OKB is now ranked in the 25th position as it currently holds a market cap value of around $3.71 billion.

OKB price short-term prediction: Neutral

Although the recent breakout of the wedge is promising, OKB is still considered to be neutral right now. The coin would have to break the June highs at around $19.10 (bearish .382 Fib Retracement) before it can be considered as bullish again. On the other side, a drop beneath $9 would indicate that the market has turned bearish in the short term.

If the sellers push lower, the first support lies at $12. This is followed by $11 (20-day MA) and $10 (lower angle of the wedge).

If the sellers continue further beneath $10, added support lies at $9.10, $8, $6, and $5.60 (downside 1.272 Fib Extension). Added support then lies at $4.10 (downside 1.414 Fib Extension) and $3.50.

Where is the resistance toward the upside?

On the other side, the first strong resistance lies at $14, provided by the 200-day MA and the 100-day MA. This is followed by $15.10 (bearish .236 Fub Retracement), $18, and $19.20 (bearish .382 Fib Retracement).

Beyond $20, additional resistance lies at $22, $22.50 (bearish .5 Fib Retracement), $24, and $25.80 (bearish .618 Fib Retracement).

FTX Token (FTT) price analysis

What has been going on?

FTT managed to climb by a strong 19.5% this week as the cryptocurrency currently trades at around $28.80. FTT dropped from above $60 during the mid-May market capitulation and reached as low as $24. It continued further lower in June to hit the support at $21.90.

At the end of June, FTT rebounded from $21.90 and started to climb higher. By mid-July, FTT hit resistance at around $31.60, provided by the 100-day MA and a bearish .236 Fib Retracement. The upper angle of a symmetrical triangle pattern also bolstered the resistance there.

It rolled over from $31.60 and dropped into the support at $24 last week, where it found the support at the lower angle of the triangle. It has since bounced back above the 20-day MA and is testing the upper boundary again.

FTT is ranked in the 32nd position as it holds a $2.72 billion market cap value.

FTT price short-term prediction: Neutral

FTT is also considered neutral and would have to break the July resistance around $31.60 to turn bullish again. On the other side, a closing candle beneath $24 might turn the market bearish in the short term.

If the sellers push lower, the first support lies at $28 (20-day MA). This is followed by the lower angle of the triangle. Added support lies at $24, $21.90, and $20.

Where is the resistance toward the upside?

On the other side, the first resistance lies at the upper angle of the triangle. This is followed by $29 (200-day MA & 100-day MA), $31.67 (bearish .236 Fib Retracement), and $32.50 (100-day MA). Added resistance lies at $36 and $37.73 (bearish .382 Fib Retracement).

3y ago
bullish:

7

bearish:

1

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