The crypto market shaken – Yesterday, Bitcoin fell to around $94,000, and this relatively small drop caused altcoins to crash. Most altcoins posted several tens of percent declines before recovering. But the damage is done, and many traders were liquidated on this movement. Good news for the market, alongside this correction, we see that demand for cryptos has never been so high. Last week, nearly $4 billion was pumped into cryptocurrency investment products. A fall and here we go again for the token exchange sector? We take stock of the situation of these altcoins!
Towards a rebound on the support at $640 for Binance BNB?
The Binance BNB price shows a solid dynamics since August, and even more generally, since the end of 2023. With the impressive rise in Bitcoin in Novemberthe BNB took the opportunity to record a new all-time high and to close beyond the last high at $721.8 :
BNB is pretty damn strong, it therefore connects the highest historical highs whileEthereum struggles to exceed $4,000. Yesterday's correction sent the price to the support at $640 and on the institutional bias (EMA 9/EMA 18) bullish. Therefore, a bounce is possible here to reach new heights. The dynamics of BNB have not been called into question by this fall, even if the price is in drop of almost 20% from the local top. On the other hand, if buyers do not hold the support at $640the price could return to the level of support at $540.
CSRs moving upwards and beyond the bullish trendline. THE buyers have their hands on momentum in unit of time three days.
Will BNB manage to outperform Bitcoin?
Since June, the BNB finds it difficult to express itself against the king of cryptocurrencies. It must be said that BTC went from $70,000 to $100,000 in the space of just a few weeks, and that capital initially flowed towards him. But it is possible that the situation is already changing :
The price of the BNB/BTC pair recovered on the support at 0.0067. For the moment, the price is blocked at the level of moving averages 9 and 18 bearishbut a double bottom (bullish pattern) could take place in the coming weeks. BNB could then be more efficient again as the first capitalization of cryptocurrencies. However, it will be necessary to confirm by not losing the support at 0.0067.
The RSI continues to draw descending troughs and peaks and under the bearish trendline. The momentum is fragile For now.
Coinbase COIN Stuck on Resistance at $340
Coinbase’s COIN momentum has been impressive since the bottom recorded at the start of 2023. The course draws ascending troughs and peaksand the price has already marked new highs in 2024 after the correction period which began in March. The course succeeded in break resistance at $270. For the moment, COIN cannot pass the last resistance before the ATH :
To be able to score an ATHit will be necessary to get rid of the resistance at $340. In case of rejectionthe price could return to the level of support at $270 and on the moving averages 9 and 18 bullish. For the moment, the buyers are in control total price on the American exchange platform.
In addition to a solid course, the RSI is clearly trending upwards and beyond the bearish trendline. THE buyers have the advantage of momentum.
New ATH coming to OKB?
OKB seems to have finished his correction which started in March. After a drop of almost 60%the course resumed at the level of support at $32. Following a double buying reaction on the support, the price climbed 100% before finding resistance at $63. It's the last resistance before finding theATH of mars :
To record a new all-time highwe will have to manage to bounce back on the support at $55 and on the bullish institutional bias. Then, of course, the course must break resistance at $63. On the other hand, if the double support does not allow a rebound, the price could return to the level of support at $47. We can clearly see that the buyers regained control of the OKB price.
The RSI managed to break the bearish trendline. Under these conditions, the bullish volatility tends to set up, and the buyers have their hands on momentum.
Kucoin KCS Nears Resistance at $14.5
The KCS price shows a bullish momentum since the violent drop at the beginning of August. In fact, the price is up by 110% from support at $6.5. From now on, the price evolves beyond the bullish institutional bias. This could act as dynamic support in the event of a fall :
The price is approaching the resistance at $14.5and it will be necessary break this level to mark a higher peak than the previous one dating back to March. In case of rejection on $14.5the price could return towards the bullish institutional bias. At the same time, the momentum indicator RSI broke the bearish trendline. These are therefore the buyers who once again have control of the momentum in this unit of time.
Key elements to remember
Despite the violent decline in altcoins with numerous liquidations for traders, the token exchange sector is solid. Indeed, Binance’s BNB has just recorded an ATH. And in case of a bounce off the support at $640, new ATHs could be recorded. Also, BNB has been underperforming Bitcoin for several months, but the situation could quickly change.
The other altcoins analyzed today have shown bullish dynamics for several weeks. When the decline is digested, they could resume their primary bullish dynamics. After experiencing 5 consecutive weeks of increases, altcoins are finally correcting. Will the correction last a little longer? Or are small-cap assets already ready to go in altcoin season? To be continued on the Journal du Coin!
