Token exchange sector weakening? According to Vitalik Buterin, despite the situation, the year 2023 will be full ofopportunities. Indeed, there are many challenges to be met, be it stablecoins, wallet adoption, etc. The year 2022 will have been marked by the bankruptcy of the FTX exchange, the exchanges have work to do to restore trust in these centralized platforms. From a technical point of view, the sector was robust throughout the year, but the situation could change quickly. BNB appears to be losing strength and Coinbase continues to set new record lows. Is the sector taking a break or are the sellers regaining control?
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Binance Coin breaks support at $260
The edition of last week evoked fever Binance Coin (GDP), especially against Bitcoin. After all, two scenarios were foreseen and this is bearish scenario which is set up. The price fell below the support at 260 USD :
The price had already shown signs of fever by marking a low below 260 USD. Despite the upswing that made the price $317, the sellers managed to confirm the short-term momentum. Actually fenced under $250 confirm downward trend in the short term, and the buyers will have to defend the bottom of the range at $215. This support has lasted since March 2021, but can it last much longer? If Bitcoin continues to fall, the support may break down. The price of BNB may fall by more than 40% to reach the area $125.
that institutional bias (EMA 9/EMA 18) is on the way down and may do so resistance in the coming days. Momentum also broke an important support level 40 of RSI. This level could resistance in the coming days. While BNB was quite resilient during the bear market, the situation could quickly change if the buyers are not there at market levels. bracket for $215.
Over Bitcointhe lesson jumping on a medium:
The course is in bearish momentum in a time unit of three days. It bounced off a support, but the structure is crazy currently. The most likely scenario remains one rejection on par with the EMAs and a return on the next support. We’ll have to wait for a change in dynamics with bottoms and rising tops to find colors on this pair.
Furthermore, the momentum broke bearish trend line, and it continues to show lower lows than before. You will have to find one bullish momentum on momentum for the price to rise again. If the buyers do not show up quickly, things can quickly get out of hand on the BNB side.
Coinbase falls, confirming its downtrend
Coinbase’s price is out of whack. In fact, the price dropped and marked one new all-time low under $35 :
The Coinbase price confirms it downward trend by the end of 2022. The year will have been disastrous for the crypto exchange, the price shows a drop of 87% Within a year! that institutional bias could continue dam over the next few weeks.
If you think this is a possibility, it would probably be wiser to wait for the situation to calm down and the price to recover. uptrend clear. For that we will have to wait to find one bullish momentuma break of the bearish trend line on the course and a dynamic change. The price has made a new historical low, it will take time to build a new one support area.
In terms of momentum, it’s not much better. The trend is clear bearish and one bearish trend line Setup. It may block for the coming days or weeks. Through this asset which is completely neglected by institutional actorswe see that cryptocurrencies do not benefit from capital turnover. You will have to be patient to regain attractiveness.
OKB must confirm above $24
Coinbase is clearly in downward trendand Binance Coin is crazy. OKB shows resilience, but buyers need to confirm quickly:
Buyers continue to show up on this asset. However, it requires a fence over it 24 USD to confirm the trend with troughs and rising peaks. The price is a little over bearish trend line, but sellers can take the below price in the coming weeks (red arrow). If Bitcoin makes its way back up, OKB may well benefit from it. If the price manages to exceed and close out 24 USDthe next goal will be to exceed 34 USD.
Momentum is clearly on the upside, and confirms OKB’s good form. RSI should continue to sustain bullish trend lineand it would also be necessary to break resistance formed to 66 of RSI. At the moment there is nothing negative on the momentum.
KCS is slipping dangerously below support at $6.5
The Kucoin platform token lost more than 75% in a year. However, the price continues to develop above the level of $5 fittings which have been held since April 2021:
that bracket for $6.5 is not lost yet, but the price is showing fragility by slipping below this level. That too institutional bias is on the way down and a rejection is likely to be at this level in the coming days. Considering the situation, it seems that the price is headed towards $5 weekly support. Unlike OCD, the actors don’t seem interested in KCS currently.
Since the RSI broke bullish trend line, the price fell. It will be necessary to find a bullish dynamic on the momentum to find color on this asset.
Binance Coin remains fragile against the dollar and against Bitcoin. The token exchange sector was solid in 2022, but the situation could quickly change. In fact, BNB is not the only one showing difficulties, KCS is also close to falling to the level of the last violence. Coinbase falls again, marking a new all-time low below $35. The lake is in freefall by 2022, and it may not be over. On the other hand, OKB is solid, it needs to be confirmed above $24, then $34. Beware, if Bitcoin continues to fall, OKB may well follow…
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