The digital currency ecosystem is currently experiencing a massive valuation plunge as the cryptocurrency industry is still trying to find a balance after the United States Bureau of Labor Statistics (BLS) released the inflation data in September.
The Consumer Price Index (CPI) came in at 8.2% for the past month showing the ongoing interest rate hikes, the last of which was 75 basis points, are not yielding good fruits at this time. The resultant reaction plunged the traditional market into chaos, and the resultant ripple effect was experienced in the broader digital currency ecosystem.
The combined crypto market cap was down 0.31% at the time of writing and pegged at $921 billion. With the seemingly bearish trend, here is a brief rundown of altcoins entering the new week with impressive weekly performance.
Quant (QNT)
For the second time in a row, Quant is trending as one of the top performers in the ecosystem with a 22.46% to $192.68 per data from CoinMarketCap. The coin has been on a massive uptrend for the better part of this month, and investors may need to watch well before leaping into acquiring this token moving forward. This is because a mild correction may be underway in the short term.
Huobi Token (HT)
Huobi Token is the native coin of the Huobi Global exchange. The coin has printed as much as 72.16% to $7.07. The Huobi token is flying on a massively bullish trend with the news of the exchange being acquired by About Capital Management, with reports of links to Tron’s founder, Justin Sun.
With the change of ownership, investors believe the exchange may be well-capitalized and positioned to finance its current global growth.
Arweave (AR)
Arweave is a decentralized storage network that seeks to offer a platform for the indefinite data storage. Since its inception, the protocol’s adoption has grown remarkably; thus far, this adoption has been reflected in its token price growth.
Huobi Token (HT) is a decentralized digital asset based on Ethereum that is launched by world-leading cryptocurrency trading platforms Huobi. It hit a record high of $29.54 on May 2.
It has a limited total supply of 500 million issued by Huobi Group. According to Coinmarketcap, HT is ranked the 34th digital asset with a market cap of $5,077,540,808.
HT’s recent performance has been outstanding, and it has risen by 53.32% in the past week.
Previously, the direct listing of the Coinbase exchange makes investors re-examine the potential of virtual currency exchanges and platform currencies. Huobi has seen their native tokens HT increase by 825% since the beginning of 2021 at that time.
Now, HT has reached a new high of $29.54, with a return rate of 5900% to investors from $4.28 to $29.54 today on a year-to-date basis.
Huobi Token (HT) surged above the previous high of $26.89 on May 1. It hit a record high of $29.54 on the following day. However, after touching its all-time high (ATH) yesterday, the HT’s price suffered strong selling resistance. From a trading volume perspective, yesterday’s trading volume was almost the same as the day before, which proves that there were a large number of tied-up altcoins before that were being sold yesterday.
However, although the bears are currently trying to pull the price back below the breakout level of $26.89 and trap the aggressive bulls, it was unsuccessful.
At the time of writing, Huobi Token is trading at $27.98.
The transaction price of HT/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD indicate that the bulls are currently dominating the market.
However, Stochastic RSI is merged at the overbought zone, which implies that a bearish crossover may be formed later and develop downward. However, this may only be a short-term correction, and the bulls find it difficult to push the price up to $29.54. This may lead to high volatility in the short term.
The previous resistance level of $26.89 has been reversed to a support level. If the bulls actively defend the $26.89 support level, it indicates that there is strong buying every time a small decline occurs. Then it is only a matter of time to break through its all-time high. When Huobi Token hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up. It is very likely that Huobi Token breaks through $35 in the short term.
If a large number of sell orders are triggered, the price drops and continues below $26.89 for three days then HT/USDT will test the 20 day-Exponential Moving Average of $21.24 support level. A break below the 20-EMA may indicate the beginning of a deeper correction.
Bitcoin (BTC) price closed the month down 1.98% which according to data from Bybit, was its first negative close in April since 2015.
In the same month Ether (ETH) price soared over 44% to hit a new all-time high close to $3,000. This wide divergence between the top two cryptocurrencies shows that the markets have matured and Bitcoin’s underperformance is not affecting altcoins as much as it did in the past.
Ether’s bullish trend has attracted strong buying from traders. Data from Bybit suggests that Ether futures open interest climbed to $8.5 billion on April 29, rising 52% over the previous month. This increase has been supported by professional traders who seem to have taken a more bullish view on Ether than retail investors, as highlighted by Cointelegraph contributor Marcel Pechman.
Crypto market data daily view. Source:Coin360
The strong performance from the crypto sector continues to attract a wide array of investors. According to the Financial Times, VC firm Andreessen Horowitz plans to tap into this growing demand by raising between $800 million to $1 billion for another fund. The flow of money into various crypto projects shows that investors are bullish for the long term.
T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and it could “take years to really unfold.”
With Ether leading the altcoin charge, let’s look at the top-5 cryptocurrencies that may remain bullish in the short term.
BTC/USDT
Bitcoin soared above its moving averages on April 30 but the bulls have not been able to build on this strength. The Doji candlestick pattern on May 1 and the drop below the 50-day simple moving average ($56,833) today suggests the bears are selling at higher levels and have not given up.
BTC/USDT daily chart. Source:TradingView
If sellers pull the price back below the 20-day exponential moving average ($55,723), the BTC/USDT pair could drop to $52,323.21 and then to $50,460. The flat moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the pair range-bound for a few more days.
This view will invalidate if the pair rebounds off the 20-day EMA and rises above $58,469.09. Such a move will suggest the bulls are buying on every minor dip. The pair could then rally to $61,825.85 where the bulls are again likely to face stiff resistance from the bears.
Although it is too early to confirm, the pair seems to be making the right shoulder of a possible head and shoulders topping formation. This setup will complete on a break below the neckline. Until then, traders can be watchful but should not jump the gun in anticipation of a breakdown.
BTC/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bulls pushed the price above the $57,500 resistance but could not sustain it. The bears pulled the price back below the level and are trying to break the 20-EMA support. If that happens, the pair may drop to the 50-SMA.
A strong rebound off this support could encourage the bulls to make one more attempt to clear the hurdle at $57,500. If they succeed, the pair could start its journey to $61,825.84. Conversely, if the bears sink the price below the 50-SMA, the possibility of a drop to $50,460 increases.
SOL/USDT
Solana (SOL) broke above the $48.64 resistance on May 1 and hit a new all-time high at $49.99 today. However, the $50 psychological level is acting as a resistance and the bears have pulled the price back below $48.64 today.
SOL/USDT daily chart. Source:TradingView
If the bears sustain the price below $48.64 for two days, the SOL/USDT pair could drop to the support at $40.51. A strong rebound off this support will suggest the bulls are accumulating on dips. The bulls will then make one more attempt to clear the $50 resistance.
If they succeed, the pair may start the next leg of the uptrend that could reach $56.77 and then $68.05. The rising moving averages and the RSI near the overbought territory indicate the path of least resistance is to the upside.
This positive view will invalidate if the price breaks below the 20-day EMA ($38). If that happens, the pair could correct to the 50-day SMA ($26).
SOL/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bulls are trying to defend the 20-EMA. If they can push the price above the $48.64 to $49.99 overhead resistance zone, the momentum is likely to pick up. The gradually rising 20-EMA and the RSI in the positive territory suggest the bulls have a minor advantage.
Contrary to this assumption, if the price turns down from the overhead resistance once again, it will increase the prospects of a break below the moving averages. The bears may then pull the price down to $40.51. A strong bounce off this support could keep the pair range-bound for a few days.
HT/USDT
Huobi Token (HT) surged above the resistance at $26.89 on May 1 and hit a new all-time high at $29.54 today. However, the bears are trying to pull the price back below the breakout level and trap the aggressive bulls.
HT/USDT daily chart. Source:TradingView
If the price dips and sustains below $26.89 for three days, the HT/USDT pair could gradually drop to $22. A strong rebound off this support could keep the pair range-bound for a few days.
Conversely, if the bulls defend the $26.89 support or do not give up much ground below $25, it will suggest strong buying on every minor dip. A break above $29.54 could resume the uptrend with the next target objective at $36.54.
The 20-day EMA ($20.54) has turned up and the RSI is in the overbought zone, indicating that the bulls are in control.
HT/USDT 4-hour chart. Source:TradingView
The bulls and the bears are battling it out for supremacy near the $26.89 level. Although the bears had pulled the price back to $26.10, they could not sustain the lower levels. This suggests that bulls are buying on dips.
The rising moving averages and the RSI near the overbought zone suggest the bulls have the upper hand. However, the bulls are finding it difficult to push the price to $29.54. This could result in high volatility in the short term.
A break below $26 could pull the price down to the 20-EMA. If the price rebounds off this level strongly, the bulls will make one more attempt to resume the uptrend. Alternatively, a break below the 20-EMA could signal the start of a deeper correction.
ETC/USDT
The bears are trying to stall Ethereum Classic’s (ETC) up-move in the $38 to $41.61 overhead resistance zone. However, the long tail on today’s candlestick suggests that traders are buying at lower levels.
ETC/USDT daily chart. Source:TradingView
The upsloping 20-day EMA ($28.74) and the RSI in the overbought zone indicate advantage to the bulls. If buyers propel the price above the overhead zone, the ETC/USDT pair could resume the uptrend and rally to $53.21.
Contrary to this assumption, if the price turns down from the overhead zone, the bears will try to sink the pair to the 20-day EMA. A break below this support will indicate the bullish momentum has weakened and the pair could then drop to $22.20.
ETC/USDT 4-hour chart. Source:TradingView
The 20-EMA is rising and the RSI is in the overbought zone, suggesting the bulls are in control. However, the bears will not throw the towel easily. They will try to stall the up-move in the overhead zone.
A break below the 20-EMA will be the first sign that the bullish momentum may be weakening. That could pull the price down to the 50-SMA. Such a move could keep the pair stuck inside the range for a few days.
AAVE/USDT
The bulls pushed AAVE above the $489 resistance today. However, they have not been able to sustain the buying at higher levels and the bears have pulled the price back into the $480 to $280 range today. This suggests the bears are attempting to trap the aggressive bulls who may have purchased the breakout from the range.
AAVE/USDT daily chart. Source:TradingView
If the price dips below the 20-day EMA ($415), it will suggest that bulls are not buying on dips. That could pull the price down to the 50-day SMA ($383) and extend the stay of the AAVE/USDT pair inside the range for a few more days.
On the contrary, if the pair rebounds off the 20-day EMA, it will indicate accumulation at lower levels. The bulls will then make one more attempt to push the price to $581.67. A breakout of this level could start the northward journey to $698.
VORTECS™ data from Cointelegraph Markets Pro shows the bullish trend in AAVE has continued from April 25, barring a couple of momentary dips to 63.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. AAVE price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for AAVE has consistently remained in the green since April 25 when the price was at $351.40.
The strong VORTECS™ Score could have held back traders from booking profits early and leaving profits on the table. AAVE has rallied to $509.83 today, recording a gain of 45% in just over a week.
AAVE/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bulls purchased the dip to the 20-EMA and are again trying to drive the price above the $489 to $512 resistance zone. The rising moving averages and the RSI above 63 suggest the path of least resistance is to the upside.
This bullish view will weaken if the bears pull the price below the 20-EMA. That could suggest that supply exceeds demand. The pair may then drop to the 50-SMA. If this support holds, the pair may consolidate between $420 and $489 for a few days before starting the next trending move.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event.
However, traders usually buy the rumor and sell the news. In this case, they bought until the event, and then several investors seem to have booked profits aggressively. This resulted in a correction in several major cryptocurrencies, including Bitcoin (BTC).
Crypto market data daily view. Source:Coin360
In the run-up to the Coinbase listing, several exchange tokens rallied as traders bid up their price in relation to Coinbase’s $100 billion valuation. Now that COIN has been trading on Nasdaq for nearly a week, let’s take a look at how exchange tokens are performing since the listing.
BNB/USDT
Binance Coin (BNB) was quoting at $256.72 on Feb. 19 and from there, it rallied to an all-time high at $638.56 on April 12, giving 148.73% returns to investors.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 2, before the rally picked up momentum.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs.BNB price. Source:Cointelegraph Markets Pro
As seen from the one-month chart above, the VORTECS™ Score for BNB flipped green on April 2 when the price was close to $335.
Barring small periods, the VORTECS™ Score remained in the green all through the rally to $601 on April 13. Thus the indicator could have assisted traders in sticking with the rally even while other analytical methods may have warned of overbought levels.
The coin witnessed profit booking above $600 and corrected to the 20-day exponential moving average ($463) on April 18. However, a positive sign is that the bulls did not allow the price to hang below the 20-day EMA.
BNB/USDT daily chart. Source:TradingView
Both moving averages continue to slope up and the relative strength index (RSI) is above 68, indicating that the bulls are in control. Buyers may face resistance at $600 but if they can clear this hurdle, the BNB/USDT pair could march up to $638.56.
The bears will again try to stall the uptrend in the $600 to $638.56 zone. If the price turns down from this zone, it could once again dip to $428 and the pair may remain range-bound for a few days.
However, if the bulls drive the price above the all-time high, the pair could pick up momentum and rally toward $832. This bullish view will invalidate if the bears sink and sustain the price below $428.
Such a move will suggest that supply exceeds demand and that could pull the price down to $348.69.
FTT/USDT
FTX Token (FTT) rallied from $28.82 on Feb. 19 to an all-time high at $59.59 on April 14, clocking gains of 106.76%. Since then, the token has been in a corrective phase but the positive sign is that the bulls have not allowed the price to sustain below the 20-day EMA ($48.70). This suggests strong buying on dips.
The news of the FTX exchange burning over $6.4 million worth of FTT, $2 million more than their previous record, is likely to attract buyers as it shows the exchange has been doing robust business. As more tokens are burned, the supply will reduce and with increasing demand, the price is likely to move higher.
FTT/USDT daily chart. Source:TradingView
If the bulls can push the price above $52.55, the FTT/USDT pair could rally to $59.59. If the bulls can thrust the price above this resistance, the momentum is likely to pick up and the pair could rally to $71.89.
However, if the bulls fail to propel the price above $52.55, it will suggest that demand dries up at higher levels. That could strengthen the bears and they will then try to sink the price to the 50-day simple moving average ($41.32).
This is an important support to watch out for because the price has not closed below it since mid-November of last year. Therefore, a break below it will suggest a change in trend and open the gates for a deeper correction to $32.
HT/USDT
Huobi Token (HT) was trading at $18.94 on Feb. 19 and from there it moved up to an all-time high at $26.89 on Feb. 20, but since then, it has not been able to come close to the level.
The token witnessed a sharp correction after hitting the all-time high and it dropped to an intraday low at $12.13 on March 25, losing about 55% from the highs.
HT/USDT daily chart. Source:TradingView
Generally, after a deep fall the price consolidates in a range before starting the next trending move. The same thing happened with the HT/USDT pair as well. The pair traded between $12.13 and $18 until the bulls pushed the price above the resistance on April 10.
However, the bulls could not sustain the breakout as the price turned down from $22.76 on April 12 and re-entered the range on April 18.
The bulls are trying to defend the 50-day SMA ($16) but are struggling to sustain the price above $18. This shows selling at higher levels. If the price turns down and breaks below the 50-day SMA, the pair could drop to $12.13 where buyers may step in.
Contrary to this assumption, if the bulls can sustain the price above $18, the pair could rally to $22.76. A break above this resistance could challenge $26.89. The bulls will have to clear this resistance to resume the uptrend.
OKB/USDT
OKEx (OKB) jumped up from $12.50 on Feb. 19 to an all-time high at $24.74 on April 12, a gain of 98%. However, it was not a one-way move but a roller coaster ride for the investors.
The coin had hit an intraday high at $23.80 on Feb. 22 but it witnessed a sharp fall and dipped to $12 on March 25, losing about 50% from the highs. However, instead of forming a range, the price quickly started a V-shaped recovery.
OKB/USDT daily chart. Source:TradingView
Although the bulls cleared the $23.80 hurdle on April 12, they could not sustain the higher levels. The OKB/USDT pair again witnessed a sharp decline and hit an intraday low at $13.92 on April 18.
The bulls are currently attempting to start a relief rally but have hit a wall at the 20-day EMA ($17.98). This suggests the sentiment has turned negative and traders are selling on rallies. If the price turns down and breaks below $14, the pair could drop to $12.
A break below this level could intensify the selling and the pair could drop to $8. The 20-day EMA has started to turn down and the RSI is just below the midpoint, suggesting a slight advantage to the bears.
This negative view will invalidate if the bulls push and sustain the price above the 20-day EMA. Above this resistance, the pair could move up to the 61.8% Fibonacci retracement level at $20.60. This level is again likely to act as stiff resistance but if it is scaled the pair could retest $24.74.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin’s (BTC) current bull run continues to attract institutional investors who are finally realizing its long-term potential. The latest to take the Bitcoin plunge is BlackRock Financial Management, which has “started to dabble a bit” in crypto investments, according to the investment giant’s chief investment officer Rick Rieder.
In another positive, investment advisory The Motley Fool projected that Bitcoin could rise to $500,000 over the next 15 years. The firm announced its plans to buy $5 million worth of Bitcoin and has also advised its 10X real-money portfolio members to make the digital asset a part of their core holding. The firm said it is not worried about short-term price fluctuations due to its long-term investment horizon.
Although Bitcoin garners most of the attention, there are several altcoins that have been skyrocketing in the past few days. One set of tokens that have been surging in February are exchange tokens.
Let’s look at the fundamentals of the top four exchanges that make them stand out and attractive compared to their competitors and analyze their charts to project the target on the upside.
BNB/USD
Binance Coin (BNB) is the biggest cryptocurrency exchange token with a market capitalization of over $40 billion. In a bull phase, trading activity surges and Binance has benefited from this. A sign of a good business is when it quickly adapts to the changing landscape.
When the decentralized finance boom happened, Binance was quick to jump on the bandwagon and add support to DeFi projects. Binance Smart Chain (BSC) has emerged as a possible substitute for the Ethereum network that is facing issues with high transaction fees.
BSC has grown in popularity and the total value locked (TVL) on the network has risen over $10.5 billion, according to data from Defistation. The two largest projects on BSC are Venus (XVS) and PancakeSwap (CAKE), which have $3.9 billion and $3.6 billion in TVL.
To attract further customers and projects, the BSC community reduced transaction costs to 10 Gwei from 15 Gwei. The current bull run has attracted a record number of new traders to the crypto space.
According to data from SimilarWeb, Binance was the third most popular website in the “Finance > Investing” category, with 136 million monthly visitors in January making it the 381st most popular website worldwide. This web traffic is continuing to rise further in February.
Binance Coin has been in a phenomenal run in February putting it in third place by market capitalization. The token has rallied from $43.4331 on Feb. 1 to an intraday high at $284.08 today, a 554% gain within 19 days. The vertical rally has pushed the relative strength index (RSI) above 93, which suggests the token is extremely overbought.
BNB/USDT daily chart. Source:Tradingview
Such vertical rallies usually end up in a sharp correction. The first support on the downside is the 38.2% Fibonacci retracement at $220.6374 and then the 50% retracement at $201.04. If the price rebounds off this support zone, the bulls will once again try to resume the uptrend.
If they succeed in pushing the price above $284.08, the uptrend could resume, with the next target objective at $367.
On the other hand, if the bears sink the price below the 61.8% Fibonacci retracement at $181.4426, the BNB/USD pair could completely retrace the latest leg of the up-move and drop to $118, just below the 20-day exponential moving average at $125.
Such a deep fall will suggest the momentum has weakened and that could delay the next leg of the uptrend, keeping the pair stuck inside a range for a few days.
HT/USD
Huobi Token (HT) has also benefited during the current crypto bull run and its market cap has risen to over $3.69 billion.
Some of the steps taken by Huobi may have helped the platform attract traders. During a strong bull phase, traders use leverage and borrow money to trade. Huobi’s launch of crypto loans on Jan. 5 with up to 50% discount till Feb. 3 could not have come at a better time.
In addition, the launch of the Huobi Eco-Chain Heco mainnet on Dec. 21 could be seen as a long-term positive. Heco seems to have quickly picked up momentum with the core assets TVL reaching $1.38 billion on Feb. 5.
To further expand its services to the traders, Heco recently tied up with decentralized derivatives trading platform Injective, which could increase cross-chain derivatives adoption, enabling traders to bridge assets between the two entities. Additionally, Huobi DeFi labs has tied up with Kava Labs to expand into the DeFi market and offer its users access to the Kava ecosystem.
HT has surged from $6.4808 on Feb. 1 to an intraday high at $19.4555 today, a 200% rally within three weeks. This sharp up-move has pushed the RSI above 88, which shows the token is overbought in the near term.
HT/USDT daily chart. Source:Tradingview
The HT/USD pair is likely to face resistance between the $19.4017 and $20.3162 overhead resistance zone. If the price turns down from the zone, the first support is at the 38.2% Fibonacci retracement at $16.0981 and then at the 50% retracement at $15.0611.
A strong rebound off either support level will suggest the sentiment remains bullish and traders are buying on dips. If the bulls can thrust the price above the resistance zone, the next leg of the up-move to $25 could begin.
Conversely, if the price breaks below the 61.8% Fibonacci retracement at $14.0240, the correction may deepen to the 20-day EMA ($11.51). A break below this support will suggest that a short-term top is in place.
FTT/USD
After starting its journey like any other crypto exchange in April 2019, FTX Token (FTT) started innovating in 2020 and that has helped it attract a huge client base.
FTX has focused on adding several products that benefit the short-term momentum traders. In early 2020, the daily and weekly binary Bitcoin options were launched and that was followed by the introduction of leveraged tokens such as the 3x Long Bitcoin and 3x Short Litecoin.
The exchange further expanded its offering by starting tokenized equity trading where it allows traders to buy less than one share, which is useful for small traders who want to buy high-priced stocks. However, this service is currently not available to U.S. citizens.
Its innovative products such as pre-IPO futures contracts, thematic products, and prediction markets attract a diaspora of clients that are not covered by other exchanges. FTX quickly introduces products to fulfill the trader’s requirements. A recent example of that was the launch of a Wall Street Bets Index that will contain the most discussed stocks in the hugely popular r/Wallstreetbets Reddit group.
FTX’s Project Serum, the decentralized exchange and ecosystem, is an attempt to capture the DeFi crowd and it could add value in the long term if the innovation continues.
FTT has been in a strong bull run for the past few weeks. It has risen from $10.815 on Feb. 1 to an intraday high at $30.077 today, a 178% rally in 19 days. The rally has pushed the RSI deep into the overbought territory, which suggests the token could be due for a correction or consolidation.
FTT/USD daily chart. Source:TradingView
The long wick on today’s candlestick suggests profit-booking at higher levels. The first support on the downside is the 38.2% Fibonacci retracement level at $25.655 and below that at the 50% retracement at $24.289.
If the price rebounds off this support, it will suggest the sentiment remains bullish and traders continue to buy on dips. The bulls will then try to resume the uptrend by pushing the price above $30.077. If they succeed, the next leg of the uptrend could begin. The next target objective on the upside is $35.866 and then $37.232.
Conversely, if the bears sink the price below the 61.8% Fibonacci retracement level at $22.922, the correction could deepen to the 20-day EMA ($19.32). A strong rebound off this level will suggest the uptrend remains intact while a break below the 20-day EMA will tip the scales to the bears.
OKB/USD
OKEx (OKB) was struggling when the current bull market was starting last year. Rumors were afloat that its CEO was under criminal investigation and the exchange had halted withdrawals from mid-October to late November last year. Naturally, several investors fled the exchange when withdrawals resumed.
However, OKEx has taken certain steps to again attract clients. It started real-time settlements for all perpetual swaps, futures and options contracts in a phased manner from the end of December last year.
The exchange launched OKExChain mainnet on Dec. 31, 2020, offering an opportunity for the early adopters to earn about 10 million OKT tokens as rewards. On Jan. 22, two decentralized applications OKEx Swap and OKEx Farm were launched on OKExChain, enabling users to mine their OKT tokens.
OKEx recently announced plans to integrate with Bitcoin’s Lightning Network “in the coming quarter” experimenting with faster and cheaper Bitcoin transactions. The exchange also announced support for the simplified address format from Unstoppable Domains. OKEx is trying to make a comeback and only time will tell if it has succeeded in redeeming itself.
OKB has risen from $5.652 on Feb. 1 to an intraday high at $12.555 today, a 122% gain in less than three weeks. The token is currently in a strong uptrend but is nearing its target objective at $12.839.
OKB/USDT daily chart. Source:TradingView
If the bulls can push the price above $12.839, the uptrend could extend to $13.87 and then $15. However, the RSI has risen above 81 level, which suggests the OKB/USD pair is overbought in the short term.
If the price turns down from the current level or the overhead resistance, the first stop is likely to be a retest of the previous resistance turned support at $9.50. If the pair rebounds off this level, it will act as a new floor for launching the next leg of the uptrend.
On the contrary, if the pair dips and sustains below $9.50, a fall to the 20-day EMA ($8.3) is possible. A break below this support will tilt the advantage in favor of the bears.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Binance Coin (BNB), the native cryptocurrency of the Binance exchange has just unseated Tether (USDT) to rank as the third-largest crypto by market cap.
This move is attributed to an unrelenting gain in price of BNB. The cryptocurrency pumped up by 52.8% in the past 24 hours, soaring to an all-time high of $276.64 in that time frame according to CoinMarketCap.
The growth of Binance Coin has been constant in the past month. Based on a massive bullish sentiment surrounding the digital asset, the coin has gained over 500% in the past 30 days, hitting a market capitalization of over $40 billion, trailing only behind Bitcoin (BTC) and Ethereum (ETH).
The cryptocurrency market is seeing its best of days, with many more coins surging to new all-time highs (ATHs) on a daily basis. Bitcoin topped $52,000 about a day ago, Ethereumsurged beyond $1,900 for the first time, and other altcoins are also recording remarkable gains.
The Era of The Exchange Tokens
Binance Coin is not the only outperforming token on cryptocurrency exchanges at the moment. In fact, the native cryptocurrencies of top exchanges are all trading at a relatively higher value than expected.
Huobi Token (HT) is up 31% in the past 24 hours, atop a 53% weekly gain to record an all-time high of $19.38 today. The native token of the FTX Derivatives exchange, FTT, also traded at an all-time high of $30.08, after recording a growth of 47% in the past week.
The performance of these and more exchange-linked cryptocurrencies have made many believe that this bull run is perhaps best tagged as the season for exchange tokens to soar. With the Binance Coin soaring to the third position on the cryptocurrency market, however, more expectations are betting on the coin sustaining the position beyond this bull run cycle.
