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Exchange Tokens Surge Sees Entire Sector Passing $70 Billion Mcap - BNB, OKB, CRO, & FTT Analysis


coincodex.com 10 March 2021 14:55, UTC
Reading time: ~6 m

Exchange Tokens continue to grow this month as the industry starts to pick up again with Bitcoin surging back toward ATH levels. The total market cap for exchange tokens is now close to $71.10 billion up from the $40 billion in our last Exchange Token analysis:

Over the past month, BNB has managed to increase by a whopping 325% - leading the pack by quite some distance. OKB is up by a total of 164%, CRO is up by a strong 158%, and FTT is also up by 154%.

Let us take a look at these markets and see where they might be heading.

Binance Coin Price Analysis

What has been going on?

Looking at the daily chart above we can see that BNB has started to rebound from the brief retracement it experienced toward the end of February. The cryptocurrency had managed to surge near $350 during February but started to head lower from there. It continued to drop until support was found at $205, provided by the .618 Fib Retracement level.

At the start of March, BNB bounced higher from this support as it began to recover from the previous drop. Yesterday, BNB surged by a solid 22% which allowed it to break the early March resistance at $260 and push into the $295 resistance. 

It has since dropped slightly from there as it trades at $281. BNB is now ranked in the 3rd position as it holds a market cap value of $43.7 billion.

BNB price short term prediction: Bullish

BNB remains extremely bullish right now. The coin would need to drop beneath the support at $200 to turn neutral again. It would need to continue further beneath $120 (100-day EMA) to be in danger of turning bearish in the short term.

If the sellers push lower, the first level of support lies at $260 (.382 Fib Retracement). This is followed by support at $232 (.5 Fib & rising trend line), $205 (.618 Fib), and $200. Added support is found at $175, $160, and $120 (100-day EMA).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $295. This is followed by resistance at $310, $330 (1.272 Fib Extension), $250, $275, and $387 (1.618 Fib Extension). Beyond $400, additional resistance is found at $432 (1.272 Fib Extension - red), $450, and $476 (1.414 Fib Extension - red).

OKB (OKB) Price Analysis

What has been going on?

OKB had also surged higher in February as it reached an ATH price near $24. It dropped lower from there and has started to form a symmetrical triangle pattern over the past fortnight of trading. The market is approaching the apex of this triangle where a breakout in either direction will dictate where the price will head toward next.

OKB is ranked in the 19th position as it holds a $4.79 billion market cap.

OKB price short term prediction: Bullish

OKB is bullish still but would need to break toward the upside of the triangle for the bull run to continue. A drop beneath $13.90 (.618 Fib Retracement) is likely to turn the market neutral. It would need to drop beneath $10 (100-day EMA) to turn bearish.

If the sellers push lower, the first level of support lies at the bottom of the triangle. This is followed by $15.80 (.5 Fib Retracement), $13.90 (.618 Fib Retracement), $12, $11.20 (.786 Fib Retracement), and $10 (100-day EMA).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at the upper boundary of the triangle. This is followed by $18, $20, $21.37, $22, $22.95, and $24.

Crypto.com (CRO) Price Analysis

What has been going on?

CRO continues to recover from the disastrous performance it saw during Q4 2020. The coin found solid support at $0.06 in the first two months of 2021 and started to push higher in February to reach the resistance at $0.225 (1.272 Fib Extension).

It dropped lower from there but has found support at $0.136 (.618 Fib) in early March. CRO has bounced higher from this support and is now trading at $0.166.

CRO is ranked in the 22nd position as it holds a $4.13 billion market cap.

CRO price short term prediction: Bullish

CRO is bullish right now but would need to break above $0.225 for the bull run to continue this month. A break beneath $0.136 (.618 Fib) is likely to turn the market neutral with a further drop beneath $0.1 (200-day EMA) turning it bearish.

If the sellers push lower, the first level of support lies at $0.16 (.5 Fib). This is followed by $0.136 (.618 Fib), $0.12, and $0.1 (.786 Fib & 200-day EMA

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $0.185 (Sep 2020 Highs). This is followed by $0.193 (1.414 Fib Extension), $0.2, and $0.224 (1.272 Fib Extension - purple). Additional resistance lies at $0.247 (1.414 Fib Extension - purple), $0.26, $0.28 (1.618 Fib Extension - purple), $0.3, and $0.322 (1.272 Fib Extension - red).

FTX Token (FTT) Price Analysis

What has been going on?

FTX token managed to create a new ATH price at $37.63 yesterday as its bullish run continues. It had dropped into support at $25 at the end of February but quickly recovered from here to break the previous ATH at $35 and set the new one yesterday.

FTT is ranked in the 31st position as it holds a $3.45 billion market cap value.

FTT price short term prediction: Bullish

FTT is certainly bullish right now. It would need to drop beneath $29.50 (.618 Fib) to turn neutral. It would have to continue further beneath $17.5 (100-day EMA) to turn bearish.

If the sellers push lower, the first level of support lies at $35. This is followed by $32.71, $31, $40, $29.40, and $27.19.

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $37.63 (ATH). This is followed by $39.55 (1.272 Fib Extension), $40, $41.88, $43.88, and $45.25.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

  • Bitcoin Finally Closes Daily Candle Above $50,000 As Bullish Momentum Slowly Ticks Higher - Can Bulls Break Above Short-Term Triangle? (Bullish)
  • Ethereum Price Analysis - ETH Bulls Start To Regroup As Ethereum Breaks $1,800 (Bullish)
  • Binance Coin Price Analysis - BNB Reclaims Number 3 Ranking With 14% Daily Price Surge (Bullish)

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