Exchange tokens BNB, HT, FTT and OKB are on fire in February — Here’s why

Bitcoin của (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 tiếp theo 15 năm. 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 tỷ. 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 tỷ, according to data from Defistation. The two largest projects on BSC are Venus (XVS) and PancakeSwap (CAKE), which have $3.9 tỷ và $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” thể loại, với 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 vào tháng hai. 1 lên mức cao nhất trong ngày ở $284.08 hôm nay, a 554% gain within 19 ngày. The vertical rally has pushed the relative strength index (RSI) above 93, which suggests the token is extremely overbought.

Biểu đồ hàng ngày BNB / USDT. Nguồn: Tradingview

Such vertical rallies usually end up in a sharp correction. Hỗ trợ đầu tiên về nhược điểm là 38.2% Fibonacci thoái lui tại $220.6374 and then the 50% retracement at $201.04. If the price rebounds off this support zone, những con bò đực sẽ một lần nữa cố gắng tiếp tục xu hướng tăng.

If they succeed in pushing the price above $284.08, xu hướng tăng có thể tiếp tục, with the next target objective at $367.

Mặt khác, nếu những con gấu giảm giá xuống dưới 61.8% Fibonacci thoái lui tại $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 tỷ.

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.

Ngoài ra, 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. Ngoài ra, 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 vào tháng hai. 1 lên mức cao nhất trong ngày ở $19.4555 hôm nay, 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. Nguồn: Tradingview

The HT/USD pair is likely to face resistance between the $19.4017 và $20.3162 vùng kháng cự trên không. If the price turns down from the zone, the first support is at the 38.2% Fibonacci thoái lui tại $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, chặng tiếp theo của bước lên $25 could begin.

Ngược lại, if the price breaks below the 61.8% Fibonacci thoái lui tại $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, Mã thông báo FTX (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. Tuy nhiên, this service is currently not available to U.S. công dân.

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 vào tháng hai. 1 lên mức cao nhất trong ngày ở $30.077 hôm nay, a 178% tập hợp ở 19 ngày. 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. Nguồn: TradingView

The long wick on today’s candlestick suggests profit-booking at higher levels. Hỗ trợ đầu tiên về nhược điểm là 38.2% Mức thoái lui Fibonacci tại $25.655 and below that at the 50% retracement at $24.289.

Nếu giá bật lại khỏi hỗ trợ này, it will suggest the sentiment remains bullish and traders continue to buy on dips. Phe bò sau đó sẽ cố gắng tiếp tục xu hướng tăng bằng cách đẩy giá lên trên $30.077. Nếu họ thành công, giai đoạn tiếp theo của xu hướng tăng có thể bắt đầu. Mục tiêu mục tiêu tiếp theo ở phía tăng là $35.866 và sau đó $37.232.

Ngược lại, nếu những con gấu giảm giá xuống dưới 61.8% Mức thoái lui Fibonacci tại $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.

Tuy nhiên, 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. Vào tháng 1. 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 vào tháng hai. 1 lên mức cao nhất trong ngày ở $12.555 hôm nay, 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. Nguồn: TradingView

Nếu phe bò có thể đẩy giá lên trên $12.839, the uptrend could extend to $13.87 và sau đó $15. Tuy nhiên, the RSI has risen above 81 cấp độ, 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. Nếu cặp này phục hồi khỏi mức này, it will act as a new floor for launching the next leg of the uptrend.

Ngược lại, if the pair dips and sustains below $9.50, a fall to the 20-day EMA ($8.3) có khả năng. A break below this support will tilt the advantage in favor of the bears.

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Nguồn: Cointelegraph

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