Awakening the Bears – Far from the performances we saw at the start of 2024, the price of Bitcoin is still trending well above $60,000. At the moment, BTC is unable to sustainably stay above $70,000 and capital is fleeing for the first time in weeks. However, Bitcoin’s weakness carries over to altcoins and the token exchange sector. Solana (SOL), Dogecoin (DOGE) and even Cardano (ADA) are all down more than 10% in one week. Is the token exchange sector at risk? Can we hope for a rebound? We balance thanks to technical analysis!
Binance Coin (BNB) needs to react and break the $640 resistance again
Binance Coin (BNB) has succeeded reach a new all-time high. Among the largest capitalizations of cryptocurrencies – apart from Bitcoin – are the only one that managed to beat the 2021 ATH. However with BTC falling lower 70,000 dollars, BNB followed suit. So BNB is back on par institutional bias (EMA 9/EMA 18) bullishand underresistance at $640. We will have to separate ourselves from this resistance again to be able to continue to develop upwards on this asset:
When $640 breakprice could mean a a new all-time high. The buyers goal is to close the price above the range last high at $722. In this case, BNB can experience bullish volatility, outside its ATH. Please note that sellers have the option to block resistance at $640. In this case, the price could fall towards additional support at $540. For the moment, momentum remains bullish on BNB, buyers have an advantage.
The RSI has been in a series of lower lows and highs since March bearish divergence will appear. This shows that there is a certain running out of breath on the part of buyers. It will be necessary to expand further to find ascending troughs and peaks 72.
Despite Bitcoin’s Crash, Binance Coin Resists
Against the dollar, Binance Coin maintains momentum with rising lows and highs. However, it will be necessary part with $640 continue on bullish trend in place for several months. While Bitcoin has dropped below $65,000BNB remains strong as we can see on the BNB/BTC pair:
The BNB/BTC pair will appear troughs and rising peaks, but RSI records a the first bearish divergence. This suggests that buyers are out of breathand the second divergence could appear in case of development under 47. However, in case breaking resistancethe course could continue on bullish trend and know bullish volatility towards further resistance. On the other hand, if resistance rejects the coursereturn to support at 0.0083 BTC is possible.
Is A New Bounce Coming For Coinbase COIN?
In general, when cryptocurrencies do well, the price COIN Coinbase is moving higher. We have noticed this especially since the beginning of 2023. For more than a year, COIN has been showing itself rising troughs and peaksoutside bullish trend line :
At the moment, buyers are fighting back dynamic support characterized by 9 and 18 moving averages trending up. However, it will be necessary break away from resistance at $270 and close behind him last high at $283.5. Such proximity could bring COIN towards resistance at $345. On the other hand, if sellers respond to those present at resistance at $270could the price return to the level support for $210.
RSI moving up from 2022, but remains ctrapped below a bearish trend line for several months now. This trend line will need to be broken to regain bullish volatility on this asset.
Back to $40 for OKB?
PUSH OKB’s primary momentum is bullish because the price has been showing rising lows and highs for several months or even several years. With the fall of Bitcoin and cryptocurrencies in March, OKB followed suit. As seen in the chart below, the price is pulling downspouts and peaks. Also, all returns on the level bearish institutional bias they are sold by operators :
The OKB price is currently lose level at $47. If the momentum continues, the price could add further support is found around $40. The goal of buyers will be bounce above $47and the fence above last high recorded at $50.3. If this scenario comes true, OKB could find a bullish momentum. The asset could then connect to resistance at $54.
The RSI draws a bearish dynamics under bearish trend line. As long as that’s the case, sellers will be in control of the momentum.
Kucoin KCS is stuck at resistance at $10.5
Kucoin’s KCS has succeeded break the bearish trend line who rejected the price during the cryptocurrency bear market. After experience and a bullish explosion that brought the price back to $16sellers showed up and managed to close the price below last low at $9. Since then, the situation and the course have been uncertain stuck at resistance at $10.5 :
AND refusal more significant could cause the price to fall towards support for $8.5. Then it will be necessary defend this support For avoid a new wave of decline on this asset. On the other hand, if resistance eventually gives way, the next resistance lies at $14.5. It will be necessary to close behind to find a clear bullish situation last high at $16. After verifying a bearish divergenceRSI remains relative brittle. Fence under 31 would show that sellers have a hand. We would like to see successive troughs and bullish peaks on this indicator (green arrow).
The price of Bitcoin has been quite fragile in recent days, which has an impact on altcoins. In particular, Ethereum (ETH) needs to bounce back from $3,500 to avoid a drop to $3,250. The token exchange sector also suffered a blow. Kucoin’s KCS is currently rejected at the $10.5 resistance level. OKB loses $47. If the buyer does not wake up on this asset, a return to $40 is possible. Despite everything, Binance BNB remains strong against both the dollar and Bitcoin. If BTC starts to rise again, BNB could even reach a new all-time high above $722. Coinbase COIN is a sign that the cryptocurrency sector is doing relatively well. It will need to break away from the resistance at $270 to continue its rise.