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

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Bitcoin’s (BTC) present bull run continues to draw institutional buyers who’re lastly realizing its long-term potential. The newest to take the Bitcoin plunge is BlackRock Financial Management, which has “began to dabble a bit” in crypto investments, based on the funding large’s chief funding officer Rick Rieder.

In one other optimistic, funding advisory The Motley Idiot projected that Bitcoin might rise to $500,000 over the subsequent 15 years. The agency announced its plans to buy $5 million price of Bitcoin and has additionally suggested its 10X real-money portfolio members to make the digital asset part of their core holding. The agency mentioned it’s not apprehensive about short-term worth fluctuations resulting from its long-term funding horizon.

Though Bitcoin garners a lot of the consideration, there are a number of altcoins which were skyrocketing previously few days. One set of tokens which were surging in February are change tokens.

Let’s have a look at the basics of the highest 4 exchanges that make them stand out and engaging in comparison with their rivals and analyze their charts to undertaking the goal on the upside.

BNB/USD

Binance Coin (BNB) is the most important cryptocurrency change token with a market capitalization of over $40 billion. In a bull section, buying and selling exercise surges and Binance has benefited from this. An indication of a very good enterprise is when it shortly adapts to the altering panorama.

When the decentralized finance increase occurred, Binance was fast to leap on the bandwagon and add help to DeFi tasks. Binance Sensible Chain (BSC) has emerged as a potential substitute for the Ethereum community that’s going through points with high transaction fees.

BSC has grown in popularity and the overall worth locked (TVL) on the community has risen over $10.5 billion, based on data from Defistation. The 2 largest projects on BSC are Venus (XVS) and PancakeSwap (CAKE), which have $3.9 billion and $3.6 billion in TVL.

To draw additional prospects and tasks, the BSC neighborhood reduced transaction prices to 10 Gwei from 15 Gwei. The present bull run has attracted a file variety of new merchants to the crypto area.

In accordance with knowledge from SimilarWeb, Binance was the third hottest web site within the “Finance > Investing” class, with 136 million month-to-month guests in January making it the 381st hottest web site worldwide. This net visitors is continuing to rise further in February.

Binance Coin has been in an outstanding run in February placing it in third place by market capitalization. The token has rallied from $43.4331 on Feb. 1 to an intraday excessive at $284.08 at the moment, a 554% acquire inside 19 days. The vertical rally has pushed the relative power index (RSI) above 93, which suggests the token is extraordinarily overbought.

BNB/USDT each day chart. Supply: Tradingview

Such vertical rallies often find yourself in a pointy correction. The primary help on the draw back is the 38.2% Fibonacci retracement at $220.6374 after which the 50% retracement at $201.04. If the value rebounds off this help zone, the bulls will as soon as once more attempt to resume the uptrend.

In the event that they achieve pushing the value above $284.08, the uptrend might resume, with the subsequent goal goal at $367.

Alternatively, if the bears sink the value beneath the 61.8% Fibonacci retracement at $181.4426, the BNB/USD pair might fully retrace the most recent leg of the up-move and drop to $118, slightly below the 20-day exponential shifting common at $125.

Such a deep fall will counsel the momentum has weakened and that would delay the subsequent leg of the uptrend, preserving the pair caught inside a spread for a couple of days.

HT/USD

Huobi Token (HT) has additionally benefited throughout the present crypto bull run and its market cap has risen to over $3.69 billion.

A number of the steps taken by Huobi might have helped the platform appeal to merchants. Throughout a robust bull section, merchants use leverage and borrow cash to commerce. Huobi’s launch of crypto loans on Jan. 5 with as much as 50% low cost until Feb. 3 couldn’t have come at a greater time.

As well as, the launch of the Huobi Eco-Chain Heco mainnet on Dec. 21 could possibly be seen as a long-term optimistic. Heco appears to have shortly picked up momentum with the core belongings TVL reaching $1.38 billion on Feb. 5.

To additional develop its providers to the merchants, Heco not too long ago tied up with decentralized derivatives buying and selling platform Injective, which might enhance cross-chain derivatives adoption, enabling merchants to bridge belongings between the 2 entities. Moreover, Huobi DeFi labs has tied up with Kava Labs to develop into the DeFi market and supply its customers entry to the Kava ecosystem.

HT has surged from $6.4808 on Feb. 1 to an intraday excessive at $19.4555 at the moment, a 200% rally inside three weeks. This sharp up-move has pushed the RSI above 88, which reveals the token is overbought within the close to time period.

HT/USDT each day chart. Supply: Tradingview

The HT/USD pair is more likely to face resistance between the $19.4017 and $20.3162 overhead resistance zone. If the value turns down from the zone, the primary help is on the 38.2% Fibonacci retracement at $16.0981 after which on the 50% retracement at $15.0611.

A powerful rebound off both help degree will counsel the sentiment stays bullish and merchants are shopping for on dips. If the bulls can thrust the value above the resistance zone, the subsequent leg of the up-move to $25 might start.

Conversely, if the value breaks beneath the 61.8% Fibonacci retracement at $14.0240, the correction might deepen to the 20-day EMA ($11.51). A break beneath this help will counsel {that a} short-term prime is in place.

FTT/USD

After beginning its journey like some other crypto change in April 2019, FTX Token (FTT) began innovating in 2020 and that has helped it attract a huge client base.

FTX has targeted on including a number of merchandise that profit the short-term momentum merchants. In early 2020, the each day and weekly binary Bitcoin choices have been launched and that was adopted by the introduction of leveraged tokens such because the 3x Lengthy Bitcoin and 3x Quick Litecoin.

The change additional expanded its providing by beginning tokenized fairness buying and selling the place it permits merchants to purchase lower than one share, which is beneficial for small merchants who need to purchase high-priced shares. Nevertheless, this service is at present not accessible to U.S. residents.

Its revolutionary merchandise akin to pre-IPO futures contracts, thematic merchandise, and prediction markets appeal to a diaspora of purchasers that aren’t lined by different exchanges. FTX shortly introduces merchandise to satisfy the dealer’s necessities. A current instance of that was the launch of a Wall Road Bets Index that can include probably the most mentioned shares within the vastly well-liked r/Wallstreetbets Reddit group.

FTX’s Venture Serum, the decentralized change and ecosystem, is an try and seize the DeFi crowd and it might add worth in the long run if the innovation continues.

FTT has been in a robust bull run for the previous few weeks. It has risen from $10.815 on Feb. 1 to an intraday excessive at $30.077 at the moment, a 178% rally in 19 days. The rally has pushed the RSI deep into the overbought territory, which suggests the token could possibly be due for a correction or consolidation.

FTT/USD each day chart. Supply: TradingView

The lengthy wick on at the moment’s candlestick suggests profit-booking at greater ranges. The primary help on the draw back is the 38.2% Fibonacci retracement degree at $25.655 and beneath that on the 50% retracement at $24.289.

If the value rebounds off this help, it is going to counsel the sentiment stays bullish and merchants proceed to purchase on dips. The bulls will then attempt to resume the uptrend by pushing the value above $30.077. In the event that they succeed, the subsequent leg of the uptrend might start. The following goal goal on the upside is $35.866 after which $37.232.

Conversely, if the bears sink the value beneath the 61.8% Fibonacci retracement degree at $22.922, the correction might deepen to the 20-day EMA ($19.32). A powerful rebound off this degree will counsel the uptrend stays intact whereas a break beneath the 20-day EMA will tip the scales to the bears.

OKB/USD

OKEx (OKB) was struggling when the present bull market was beginning final yr. Rumors have been afloat that its CEO was beneath felony investigation and the change had halted withdrawals from mid-October to late November final yr. Naturally, a number of buyers fled the change when withdrawals resumed.

Nevertheless, OKEx has taken sure steps to once more appeal to purchasers. It began real-time settlements for all perpetual swaps, futures and choices contracts in a phased method from the top of December final yr.

The change launched OKExChain mainnet on Dec. 31, 2020, providing a chance for the early adopters to earn about 10 million OKT tokens as rewards. On Jan. 22, two decentralized functions OKEx Swap and OKEx Farm have been launched on OKExChain, enabling customers to mine their OKT tokens.

OKEx not too long ago introduced plans to integrate with Bitcoin’s Lightning Community “within the coming quarter” experimenting with sooner and cheaper Bitcoin transactions. The change additionally introduced support for the simplified handle format from Unstoppable Domains. OKEx is making an attempt to make a comeback and solely time will inform if it has succeeded in redeeming itself.

OKB has risen from $5.652 on Feb. 1 to an intraday excessive at $12.555 at the moment, a 122% acquire in lower than three weeks. The token is at present in a robust uptrend however is nearing its goal goal at $12.839.

OKB/USDT each day chart. Supply: TradingView

If the bulls can push the value above $12.839, the uptrend might prolong to $13.87 after which $15. Nevertheless, the RSI has risen above 81 degree, which suggests the OKB/USD pair is overbought within the quick time period.

If the value turns down from the present degree or the overhead resistance, the primary cease is more likely to be a retest of the earlier resistance turned help at $9.50. If the pair rebounds off this degree, it is going to act as a brand new ground for launching the subsequent leg of the uptrend.

Quite the opposite, if the pair dips and sustains beneath $9.50, a fall to the 20-day EMA ($8.3) is feasible. A break beneath this help will tilt the benefit in favor of the bears.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a call.