Binance’s BNB, Big Beneficiary of FTX Crash? +300% trading volume

Exchanges in turmoil – After the FTX platform, new exchanges such as Bybit are under pressure. That CEX (Centralized Exchanges) are in turmoil, other solutions are suggested. Among the alternatives to centralized exchanges, it is possible to try the decentralized exchange experience like with the dYdX platform. Did the Binance coin weaken after the FTX affair or did it emerge as a winner? What about Coinbase? It’s Exchange Token Weekly!

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Binance Coin (BNB): big winner from competitor’s fall?

We used to say that one person’s misfortune is another person’s happiness. Since the fall of FTX, trading on Binance has seen a 300% increase :

Trading volume before and after the Binance and FTX saga Source: Genuine Impact

After FTX’s bankruptcy, Binance is the big winner, continuing to establish its position as the number 1 exchange platform. At the same time, the Coinbase platform registers an increase of 40%. Binance continues to widen the gap and the exchange now seems untouchable.

From a technical perspective, Binance Coin (BNB) is. solidit still hasn’t made a new low since June:

Binance coin is strong against the dollar.
Binance Coin price against dollar (3D)

Currently, BNB is still in one tidy weekly between $330 and $210. At the moment, the course is at the level of intermediate bracket for $260 and some bearish trend line. For buyers, the support must last and it resistance at $260 yields (green arrow). As long as the buyers cannot hold the price above the weekly resistance, there is nothing to hope for this asset.

that bearish scenario would involve breaking the supports and hitting the bottom of the area. This would then be a tricky position for BNB, as the support has been defended many times. The more a support/resistance is touched, the more it is crazy. On the other hand, progress is encouraging. Despite the situation, the RSI remains above bullish trend line, and this may allow for a recovery in the coming days. Since bullish divergence marked in July, momentum seems to be regaining one bullish momentum.

Against Bitcoin, BNB breathes. Nothing alarming at the moment, it’s just a V-top, a structure crazy which will most likely be tested again:

Binance Coin falls against Bitcoin and joins the institutional bias.
Binance Coin price against Bitcoin (3D)

The BNB/BTC pair is falling and the price is joining institutional bias (EMA 9/EMA 18). To date, all retracements to the level of these EMAs have allowed one jump and a new high point. The couple is in one bullish momentum, points to the probability of a new recovery in the institutional bias and a new peak (green arrow). Be careful, at the slightest excitement on the part of the buyer, it bearish scenario (red arrow) could fall into place. The price could then return to the level weekly supportbut that would not bode well for BNB.

Coinbase rejects weekly support at $48

Coinbase was heavily affected by the FTX affair, since November 7, the price has fallen by more than 25 % before returning to the level of weekly support :

Coinbase is recovering at the weekly support level at $48.
Coin Base Price to Dollar (3D)

Currently, Coinbase’s price has not hit another low since last May. The course remains in one varies between $80 and $48but the price could quickly face several resist. Actually the level 60 USD now resist and institutional bias is also at this level. It is still possible to see the course being completed dismiss at this level in the coming days or weeks.

In addition, the course remains crazy as long as it develops under bearish trend line. Momentum is still fragile, it would be necessary to exceed 54 of RSI to find colors on this indicator.

KCS, the symbol of the Kucoin exchange platform shows fragility

Since November 7, KCS has lost 45% before it is picked up again at 5.5 USD :

Kucoin Token is showing signs of excitement.
The price of Kucoin Token against the dollar (3D)

KCS has not made a new low since July 2022 unlike Bitcoin. However, the dynamic remains bearish since May 2020 and institutional bias rejects the course since that date. In the next days or weeks, the price may face resistance at $8. In case of refusal, the price may drop until the next support at 6.5 USD even though 5.2 USD. Buyers must absolutely defend stand for 5.2 USD to avoid a disaster on this asset.

The momentum broke bullish trend line last week. This again shows that KCS is crazy. Currently, the sellers have their hands on this asset.

Faced with Bitcoin, KCS shows itself solidit will be necessary to confirm the dynamics in the coming weeks:

Kucoin Token is still above the weekly support.
The price of Kucoin Token against Bitcoin (3D)

Since the beginning of bear market, KCS is quite robust. For now, the couple keeps weekly support. Here it will be necessary to carefully watch the reaction to the support level. If the buyers prevail, the price will make a new high and the KCS/BTC pair will remain bullish. Attention, the support has been touched about ten times and it seems more and more crazy. In case of a break of the support and the bullish trend line, the price may fall sharply (red arrow).

After the events surrounding the FTX platform, Binance is the obvious winner. Trading on the Binance platform shows a 300% increase. For its part, BNB remains solid but stuck in a range between $330 and $210. Coinbase is rallying at the bottom of the range at $48. However, the price of the American giant may well make a new low in the coming weeks in case of further turbulence in the cryptocurrency market. Token exchanges have been very resilient since the beginning of the bear market, but it seems that the FTX affair has changed the game. For example, the Kucoin token shows fragility and gave up 45% of its value before recovering.

In France at least things are clear! Registration with AMF, PSAN status, CZ platform is in the nails. Run to register on BinanceTHE absolute benchmark for crypto exchanges and save 10% on your trading fees by following this link (commercial link).

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