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Exchange Tokens Battle to Maintain Significant Support Levels to Prevent Further Declines: BNB, CRO, &a; FTT Analysis


coincodex.com 19 May 2022 21:51, UTC
Reading time: ~5 m

Key highlights:

  • BNB is up 10.7% this week as it wrestles with $300
  • CRO is up 9% on the week as it heads back toward $0.2
  • This week, FTT saw a 14.2% price hike as it climbed back above $3

Like every sector in the industry, exchange tokens are down heavily this month as the total market cap falls to $75.6 billion. This month, the top exchange tokens have seen massive sell-offs, with BNB down 28%, CRO down over 50%, and FTT down 30%. 

Despite the monthly bearish sentiment, these top exchange tokens are now battling significant support levels to prevent further declines moving forward. Typically, exchange tokens are considered utility tokens as they provide discounts on trading fees for their exchanges. Whether in a bull or a bear market, exchanges always see the volume, and there is always utility for their tokens.

Let us take a look at the top exchange tokens and see where they might be heading next.

BNB price analysis

What has been going on?

BNB is up 10.7% this week after rebounding from last week’s low of $220. The cryptocurrency is now battling the $300 level as the bulls seek to establish strong support. 

During the market capitulation last week, BNB fell from above $375 to reach as low as $220 last Thursday - setting a fresh one year low for the token. More specifically, BNB managed to rebound cleanly from $243 (downside 1.618 Fib Extension), and this is more apparent on the 4-hour charts.

Since rebounding, BNB pushed higher during this week but is struggling to overcome resistance at $311, provided by a bearish .382 Fib Retracement level. The market would need to break this level to see the recovery continue in BNB.

BNB remains ranked in the 5th position as it currently holds a $50.21 billion market cap value.

BNB price short-term prediction: Bearish

Similar to the entire market, BNB is considered bearish at this price. The coin would need to rise above $400 to turn neutral again and would have to climb back above the $450 level (200-day MA) to be considered bullish.

Where can we go from here?

BNB has established a solid range this week between the $250 support and resistance at $311. The breakout of the range would dictate the next direction for BNB.

The current strong resistance lies at $311 (bearish .382 Fib), and this will be the first level for the buyers to break to signal a continuation of the recovery. If the bulls do manage to break $311, higher resistance is then expected at $325, $340 (bearish .5 Fib Retracement & 21-day MA), $368 (bearish .618 Fib Retracement), and $400.

Beyond $400, additional resistance is expected at $408 (bearish .786 Fib) and $450 (April resistance).

On the other side, if the sellers push lower and break back beneath $300, the first support lies at $275. This is followed by $260, $250, and $243 (downside 1.618 Fib Extension). Added support lies at $220, $200, and $167 (downside 1.272 Fib Extension).

Cronos (CRO) price analysis

What has been going on?

CRO is up by a small 9% this week since rebounding from last week’s low of around $0.1678. It currently is trading at $0.189 as it continues to battle this week’s resistance of $0.2.

CRO was already in a steep decline since the start of April when it failed to overcome resistance at $0.5. By the first few days of May, CRO had already dropped as low as $0.276. With the overall bearish pressure in the market, CRO continued to slide from there to reach the support at $0.175 (downside 1.618 Fib Extension) during last week’s capitulation - setting a 7-month low for the coin.

Since hitting this low, CRO has attempted to rebound but is struggling to overcome $0.2.

CRO is now ranked in the 18th position as it currently holds a $4.79 billion market cap. 

CRO price short-term prediction: Bearish

CRO is considered bearish after setting a fresh 7-month low price. The coin would need to break above $0.3 to turn neutral and would have to break above $0.45 (200-day MA) to be considered bullish.

Where can we go from here?

CRO has also set a solid range between the support at $0.175 and resistance at $0.2. The market would need to break this range to dictate the next direction for CRO.

A break above $0.2 would signal a continued recovery attempt, with the next resistance being located at $0.246 (bearish .236 Fib & 21-day MA). Above this, resistance lies at $0.27, $0.295 (bearish .382 Fib Retracement), $0.3, and $0.335 (bearish .5 Fib Retracement).

On the other side, the first solid support lies at the bottom of the range at $0.175. This is followed by support at $0.1678 (last week’s low), $0.16, $0.155, $0.15, and $0.143 (September 2021 lows).

FTX Token (FTT) price analysis

What has been going on?

FTT saw a 14.2% price hike this week after rebounding from last week’s low of around $26.20.

FTT started the month beneath $40 and continued to slide during the cryptocurrency sell-off to hit $26.20 last week and set a fresh 10-month low for the coin. More specifically, FTT found support at $29.40, provided by a downside 1.414 Fib Extension, and rebounded from there. 

FTT is now ranked in the 21st position as it currently holds a $4.14 billion market cap value.

FTT price short-term prediction: Bearish

FTT is also considered bearish right now. The coin would need to break back above $40 to turn neutral and would have to climb above $44 (200-day MA) to be considered bullish.

Where can we go from here?

FTT is also set in a range between $29.40 and $32.73 (bearish .236 Fib). A breakout of either of these two boundaries would dictate the next direction for the token.

If the bulls do break above $32.73, the first resistance is expected at $35. This is followed by resistance at $38 and $40 (bearish .5 Fib Retracement & May resistance). Higher resistance is located at $42 (100-day MA), $43, and $44 (200-day MA).

On the other side, the first support lies at $30. This is followed by $29.40 (downside 1.414 Fib Extension). Additional support lies at $26.20, $25, $24, and $22.05 (June 2021 low).


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