Has Bitcoin found the definitive top of the cycle around $126,000? Traders took profits just below $130,000, and the price of Bitcoin then plummeted by 35%. With this downward movement, BTC is in technical conditions reminiscent of the last bear market of 2022. The fragility of Bitcoin drags down altcoins, particularly those belonging to the exchange tokens sector. These altcoins were relatively strong during the BTC bull cycle, but they have clearly weakened. Will Binance's BNB and the exchange tokens recover? Let's analyze the key assets in the sector!
End of the rebound and drop towards $750 for Binance's BNB?
Binance's BNB has progressed for several months and has managed to exceed $1,300. But since the top recorded in October, the price has plummeted by more than 40%. Sellers have control over the price, and BNB is blocking against $890 and the bearish moving averages (EMA 9/EMA 18):
BNB price against the dollar (3D
If the price remains fragile, it could head towards the next support located at $750. However, if the price manages to rebound significantly above the area at $890, it could find the resistance at $1,070. For now, the dynamic is shaky, and sellers could take advantage.
The RSI momentum indicator is still trending downwards, which means that momentum is in the hands of sellers.
Coinbase's COIN seems to be heading towards the support at $210
The COIN has entered a bearish phase since the top found around $440. The price is drawing a series of lower lows and highs, and the situation is not improving. Indeed, the price has just been rejected between the bearish moving averages (EMA 9/EMA 18) and at the resistance level of $270:
COIN price against the dollar (3D)
Sellers could bring the price back to the support at $210. As long as the dynamics do not change, sellers have the advantage. However, a recovery above $270 in support could potentially lead to a rise towards the resistance at $340.
The RSI has been in free fall for several months. As long as the situation remains this way, it is the sellers who have the momentum advantage.
OKB blocks against the resistance at $120
The two assets analyzed previously are blocking against significant resistances, and this is also the case for OKB. After a bullish period, traders have taken profits, and the price is struggling to break the resistance at $120. OKB is fragile on the 3-day timeframe:
OKB price against the dollar (3D)
If the trend continues, the price could continue to fall. And the price could record bearish volatility, as the next solid support is located at around $64. To head towards the highs, the price will need to surpass the bearish moving averages (EMA 9/EMA 18) and above the resistance at $120. If this bullish scenario occurs, the price could reach the resistance at $170.
The RSI is bouncing, but it has maintained a fragile dynamic for several months. The momentum is bearish for now on OKB in 3 days.
The KCS of Kucoin could continue its drop towards the support level at $8.5
The KCS of Kucoin shows fragility at the level of $10.5. The price is being rejected between the bearish moving averages (EMA 9/EMA 18), and a new drop cannot be ruled out:
KCS price against the dollar (3D)
If the price does not recover, it could reach the next support located at $8.5. To regain strength on the KCS, it will need to return above the resistance zone at $10.5. The RSI has recorded bearish structures for several months, so the momentum is fragile on this asset.
Key elements to remember
The analyzed assets have been in a bearish phase for several weeks. Unfortunately, all these assets are blocking against resistances. Therefore, a new drop is possible on the exchange tokens. Regardless of what happens, the last drop of Bitcoin has led to many liquidations in the crypto market.
