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Exchange Token Sector Continues Strong Growth With 26% Market Cap Increase - BNB, OKB, HT, & FTT - Where Are They Trending?

3y ago
bullish:

6

bearish:

2

The total market cap of exchange tokens saw another positive week in which they managed to rise by a total of 26.62%. This now puts the total exchange coin sector at $147.3 billion:

Over the past week, BNB is up by a total of 26.83% as it breaks $600 finally. OKB also saw a 31.13% price hike to push above $20. FTT increased by a smaller 22.3%, and HT rose by an impressive 32%.

Binance Coin Price Analysis

What has been going on?

BNB is up by a solid 26.8% over the past week as the cryptocurrency surges past the $600 level. The cryptocurrency has finally penetrated above the ascending triangle pattern that it was trading inside and is ready for another bullish leg higher.

It had started the week by rebounding from support at $477.70 (.382 Fib Retracement) and the bottom angle of the triangle. From there, it has been grinding higher all week to break the $600 level today. A closing candle above $600 is needed to act as a confirmation of the breakout.

BNB remains ranked in 3rd place as it holds a market cap value of $94.95 billion.

BNB price short term prediction: Bullish

BNB remains extremely bullish right now. The coin would need to drop beneath the $380 level (.618 Fib Retracement) to be in danger of turning neutral. It would need to continue further beneath $280 (100-day EMA) to turn bearish in the short term.

Toward the downside, support lies at $600, $550, $537 (.236 Fib Retracement), $500, and $477.70 (.382 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first resistance toward the upside lies at $647 (1.618 Fib Extension). This is followed by $691.75 (1.414 Fib Extension), $700, $747.50 (1.272 Fib Extension), $800, and $850.

OKB (OKB) Price Analysis

What has been going on?

OKB is up by a strong 31.13% this week as the coin breaks back above $20. The coin had reached a high of $25 toward mid-April and had been falling from there ever since. Luckily, it found support at $15.80 (.5 Fib Retracement) over the past fortnight and started to rebound from there at the start of this week.

In the past 2-days, OKB managed to break resistance at $18 and $20 to reach the current $20.75 level.

OKB is ranked in the 28th position as it holds a $5.87 billion market cap value.

OKB price short term prediction: Bullish

The break above $20 has turned OKB bullish again. It would need to drop beneath $15.80 (.5 Fib Retracement) to turn neutral again and would have to continue further beneath $12 to turn bearish.

If the sellers push lower, the first support lies at $20. This is followed by $17.70 (.382 Fib Retracement), $15.80 (.5 Fib Retracement), $13.90 (.618 Fib Retracement), and $12.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $22. This is followed by $22.95 (1.414 Fib Extension), $24, $25 (1.618 Fib Extension), and $26.60 (1.272 Fib Extension - gold). Additional resistance lies at $28.15 and $30.

Huobi Token (HT) Price Analysis

What has been going on?

HT saw a wonderful 32% this week as the coin reached as high as $24 today. HT had started the week at the $18 support, and it held there for a few days until rebounding higher yesterday.

The cryptocurrency is currently battling resistance at $23.19 (1.272 Fib Extension level), and this resistance must be broke for the bullish run to continue. There is still higher resistance at $25.18 to tackle before a new ATH might be formed for HT.

Huobi Token is ranked in the 37th position with a $4.23 billion market cap value.

HT price short term prediction: Bullish

HT can be considered bullish after creating a fresh high for April, but it would need to continue above $26 to turn bullish over the longer period. A break beneath $16 would turn HT neutral, and it would need to continue further beneath $12.15 (March lows) to be in danger of turning bearish.

If the sellers push lower, the first support lies at $22. This is followed by $20.18 (.236 Fib Retracement), $18, and $17.11 (.382 Fib Retracement). Added support lies at $16, $14.63 (.5  Fib Retracement), and $12.15 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, once the bulls break $23.19, the first resistance lies at $24. This is followed by $25.18 (1.414 Fib Extension), $26, $28 (1.618 Fib Extension), and $30.

IF they continue above $30, added resistance lies at $31.08 (1.272 Fib Extension - red), $33.23 (1.414 Fib Extension - red), and $35.

FTX Token (FTT) Price Analysis

What has been going on?

FTT is up by a total of 23.3% this past week as the coin sits at $54. The cryptocorurrency had set a new ATH near $60 during mid-April and has been falling since then until support was found at $45.60 (.5 Fib Retracement).

It rebounded from this support at the start of the week to break back above $50 and reach the current $54 level.

FTT is ranked in the 32nd position with a $5.09 billion market cap value.

FTT price short term prediction: Bullish

FTT is strongly bullish right now. The coin would have to drop beneath support at $42.33 (.618 Fib Retracement) to turn neutral. It would have to continue further beneath $33 (100-day EMA) to turn bearish in the short term.

Toward the downside, support lies at $52, $50, $48.83 (.382 Fib Retracement), $45.86 (.5 Fib Retracement), $44, and $42.33 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, resistance lies at $56. This is followed by $58.26 (1.414 Fib Extension), $60, $65.50 (1.618 Fib Extension), $68, and $70.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

3y ago
bullish:

6

bearish:

2

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