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

比特币的 (比特币) 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 在接下来的 15 年份. 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 /美元

币安币 (BNB) is the biggest cryptocurrency exchange token with a market capitalization of over $40 十亿. 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 (平衡计分卡) 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 十亿, according to data from Defistation. The two largest projects on BSC are Venus (XVS) and PancakeSwap (蛋糕), which have $3.9 十亿 $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 > Investingcategory, 与 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 在二月. 1 达到盘中高点 $284.08 今天, 一种 554% gain within 19 天. The vertical rally has pushed the relative strength index (相对强弱指数) 以上 93, which suggests the token is extremely overbought.

BNB / USDT日线图. 资源: 交易视图

Such vertical rallies usually end up in a sharp correction. 不利的第一支撑是 38.2% 斐波那契回撤位于 $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, 上升趋势可以恢复, with the next target objective at $367.

另一方面, 如果空头使价格跌破 61.8% 斐波那契回撤位于 $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 十亿.

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.

此外, 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 二月十亿. 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. 另外, 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 在二月. 1 达到盘中高点 $19.4555 今天, 一种 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. 资源: 交易视图

The HT/USD pair is likely to face resistance between the $19.4017 和 $20.3162 架空阻力区. If the price turns down from the zone, the first support is at the 38.2% 斐波那契回撤位于 $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.

反过来, if the price breaks below the 61.8% 斐波那契回撤位于 $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代币 (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. 然而, this service is currently not available to U.S. 公民.

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 在二月. 1 达到盘中高点 $30.077 今天, 一种 178% 集会 19 天. 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. 资源: 交易视图

The long wick on today’s candlestick suggests profit-booking at higher levels. 不利的第一支撑是 38.2% 斐波那契回撤水平位于 $25.655 and below that at the 50% retracement at $24.289.

如果价格从支撑位反弹, 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. 如果他们成功, 上升趋势的下一站可能开始. 有利的下一个目标是 $35.866 接着 $37.232.

反过来, 如果空头使价格跌破 61.8% 斐波那契回撤水平位于 $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.

然而, 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. 一月. 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 在二月. 1 达到盘中高点 $12.555 今天, 一种 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. 资源: 交易视图

如果多头能将价格推高 $12.839, the uptrend could extend to $13.87 接着 $15. 然而, the RSI has risen above 81 水平, 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. 如果该货币对从该水平反弹, it will act as a new floor for launching the next leg of the uptrend.

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

这里表达的观点和观点仅是作者的观点,不一定反映Cointelegraph的观点。. 每笔投资和交易动作都涉及风险, 您在做出决定时应该进行自己的研究.

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资源: 声电图

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