Does the cryptocurrency winter continue?– As Coinbase continues to lay off its employees, Binance announces plans to increase its workforce by 30% in 2023. The bear market continues for cryptocurrencies, but Changpeng Zhao (CEO of Binance) wants to be optimistic. the bitcoin It’s in good shape, had several green days, and is trading around $18,000. After so long in bearish momentum, will cryptocurrencies finally change momentum and regain color? Where is the token trading sector? Let’s take a look at this in the Weekly Token Exchange!
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Binance Coin breaks the resistance at $260
in theprevious editionwe have mentioned the possibility of a refusal at the level of resistance at $260. Buyers push down sellers and Binance Coin price (bNB) revived from 30% since last ascending trough:
However, be careful not to get inflamed, the price is moving above the resistencebut the dynamic remains bearish. We will have to rely on former resistance as support to validate this breakout. Even the institutional bias (EMA 9/EMA 18) is always bearishwe are far from a clear bull period on BNB.
If the area a $260 serves as supportthe price could reach the resistance at $330. In the end, the BNB price is at a tidy Between $330 And $215. To get out of it, the course must break the resistance at $330but it must also mark a higher vertex than the previous one found in $400. A fence above $400 on a weekly basis it would allow you to resume bullish momentum weekly.
Momentum is picking up, but could quickly collide with the uptrend line. The dynamic remains fragile for the moment. Against Bitcoin, BNB continues to show strength solidity :
The course struggles to extricate itself institutional bias. The moving averages are geared towards the diminish, it will take more to regain clear bullish momentum on this pair. One rejection here remains possible, it will be necessary to maintain the support for buyers. The RSI is going up, but it is getting close to the downtrend line launched in November 2022. As long as momentum is below this trendline, sellers have an opportunity to regain control.
Can Coinbase Rise Up?
The American giant has announced the dismissal 20% of its employees. Brian Armstrong, the head of Coinbase, made this decision based on the market situation. Investors may not like it because it shows fragility. However, for two weeks, Coinbase’s course bounces. Currently, momentum remains bearish :
As seen on the chart, Coinbase shares are bearish. It will be necessary to reverse the dynamic to think that the purge is over on this asset. The course evolves at the level of institutional biasand this could to decline the lesson.
Concretely, one should initially go back above the resistance at $48 be optimistic about this file. In a second step, it will be necessary to break the file downtrend line which has rejected course since the end of 2021. Eventually, it will be necessary to regain momentum with ascending troughs and peaks.
Anything is possible, but the bearish scenario appears to be preferred (red arrow). It is always possible to enroll in the course Fibonacci extensions 1.618 and 2 Between $12 And $26. The RSI stands at the level of the downtrend line, this could act as a barrier. The RSI will need to break this downtrend line for the price to regain color.
OKB blocks at $32
The OKX platform token is present uptrend short term. Indeed, she has been showing troughs and rising peaks for several months. However, the price remains below the resistance at $32 :
In the short term, the price of OKB is bullish. The price shows a impressive bounce from 224% from June 2022. The institutional bias it is perfectly to the upside, and if it goes down, the price could rely on these EMAs. Attention, the course could be in a tidy Between $32 And $10. To get out of this range, you will have to break the resistance at $32 and close above $34 (green Arrow).
The momentum is encouraging, the RSI continues to show increasing lows and higher highs. As long as that’s the case, buyers have their hands full. You have to hold the uptrend line buyer side. In case of a break in the trend line, the price might suffer a to break.
The KCS attempts a rebound
The price of the Kucoin platform token is trying to go up again. the brackets at $6.5 held, the course tries to break the downtrend line daily:
The downtrend line has repeatedly rejected the course since May 2022. Buyers finally have the strength to ride it resistence ? If so, the price could join next resistance at $8.5. On the other hand, if the sellers prevail, the price may return to the level of brackets at $6.5see slip dangerously under.
For its part, the momentum is bullishhas shown momentum with rising lows and highs since November 2022. The KCS remains fragile, it will probably follow the general trend of the cryptocurrency. Another Bitcoin drop could hurt this altcoin.
the Binary currency find the colors and recover the area a $260. If the buyers are holding this asset, the next price target is the $330 resistance level. Binance looks strong, the company wants to continue recruiting in 2023 as cryptocurrencies appear mired in a bleak bear market. For its part, Coinbase has taken stock of the situation and has opted for restructuring. Technically, Coinbase’s action remains bearish, we will have to be patient before finding bullish momentum on this asset. OKB is currently stuck at the $32 resistance level, it will need to be broken to avoid trading in a range between $32 and $10.