- November 18, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
We’ve been seeing a lot of pain in the market lately, which is of course fueled by the FTX bankruptcy and the aftermath it is having on the crypto world. The native tokens of exchanges in particular have taken big hits. We wanted to take this opportunity to compare the tokens of 4 major exchanges and how they are performing with a focus on the recent price action.
* The Binance Coin (BNBUSD) has been trading within an Ascending Triangle since August 10, with the price falling and staying below both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line) since the FTX crash.
* The KuCoin Token (KCSUSDT) has been trading within a Bearish Megaphone since July 04, with the price crashing hard and staying below the 1D MA50 (hasn’t been above the 1D MA200 since April) since the FTX crash.
* The Cryptocom Coin (CROUSDT) has been trading within a Falling Wedge since June 19, with the price crashing hard and staying below the 1D MA50 (hasn’t been above the 1D MA200 since April) since the FTX crash.
* On the other hand, the OKX Token (OKBUSDT) has been trading within a Rising Wedge (which is a bullish pattern) since June 19, with the price breaking above the 1D MA50 and 1D MA200 before the FTX crash while, more importantly holding both of the as Supports after the crash.
Technically, the momentum is in favor of OKX and is our investment choice on the long-term among exchange tokens. The current price action in particular, being supported near the 1D MA50, makes it an attractive opportunity even for short-term traders that are looking for the Rising Wedge’s next Higher High around $25.000.