Exchanges in turmoil – After the FTX platform, new exchanges like Bybit are under pressure. The CEX (centralized exchanges) being in turmoil, other solutions are put forward. Among the alternatives of centralized exchanges, it is possible to try the decentralized exchange experience as with the dYdX platform. Did the Binance Coin weaken after the FTX affair, or did it come out a winner? What about Coinbase? It’s Exchange Token Weekly!
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Binance Coin (BNB): big winner from the fall of its competitor?
We used to say that the misfortune of some is the happiness of others. Since the fall of FTX, trading on Binance has seen a 300% increase :
After the bankruptcy of FTX, Binance is the big winner, and continues 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 has still not made a new low since June:
At the moment, BNB is still in a tidy weekly between $330 and $210. Currently, the course is at the level of the middle bracket at $260 and some bearish trendline. For buyers, the support must hold and the 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 on this asset.
the bearish scenario would involve breaking the supports and hitting the bottom of the range. 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 brittle. The momentum, on the other hand, is encouraging. Despite the situation, the RSI remains above the bullish trendline, and this could allow a rebound in the days to come. Since the bullish divergence marked in July, the momentum seems to want to regain a bullish momentum.
Against Bitcoin, BNB is breathing. Nothing alarming for the moment, it is only a V top, a structure brittle which will most likely be retested:
The BNB/BTC pair is falling and the price is joining the institutional bias (EMA 9/EMA 18). Until today, all the returns to the level of these EMAs have allowed a bounce and a new high. The pair being in a bullish momentum, the probabilities point to a new rebound in the institutional bias and a new high (green arrow). Be careful, at the slightest excitement on the buyer’s side, the bearish scenario (red arrow) could fall into place. The price could then return to the level of the weekly supportbut that would not bode well for BNB.
Coinbase bounces off weekly support at $48
Coinbase was strongly impacted by the FTX affair, since November 7, the price has fallen by more than 25 % before returning to the level of the weekly support :
For the moment, Coinbase’s price has not made another low since last May. The course remains in a ranges between $80 and $48but the price could quickly face several resistors. In fact, the level $60 is now resisting and the institutional bias is also at this level. It remains quite possible to see the course being done dismiss at this level in the days or weeks to come.
In addition, the course will remain brittle as long as it evolves under the bearish trendline. The momentum is still fragile, it would be necessary to exceed 54 of RSI to find colors on this indicator.
KCS, the token of the Kucoin exchange platform shows fragility
Since November 7, the KCS has lost 45% before picking up again at around $5.5 :
KCS has not made a new low since July 2022 unlike Bitcoin. However, the dynamic remains bearish since May 2020 and the institutional bias rejects the course since that date. In the next days or weeks, the price could face the resistance at $8. In case of rejection, the price could fall until the next support at $6.5 even $5.2. Buyers must absolutely defend the rack to $5.2 to avoid a catastrophe on this asset.
The momentum broke the bullish trendline last week. This again shows that the KCS is brittle. For the moment, the sellers have their hands on this asset.
Faced with Bitcoin, the KCS shows itself solidit will be necessary to confirm the dynamics in the coming weeks:
Since the beginning of bearmarket, the KCS is quite resilient. For the time being, the pair retains the weekly support. Here, it will be necessary to watch carefully the reaction at the level of the support. 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 brittle. In the event of a break of the support and the bullish trendline, the price could fall heavily (red arrow).
Following the events surrounding the FTX platform, Binance is the obvious winner. Trading on the Binance platform shows a 300% increase. For its part, the 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 could well make a new low in the coming weeks in the event of further turbulence on the cryptocurrency market. Token exchanges have been very resilient since the beginning of the bearmarket, but it seems that the FTX affair has changed the situation. For example, the Kucoin Token shows fragility, and gave up 45% of its value before recovering.
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