FTX Token, Binance Coin, Augur Price Movement Analysis for 6th February 2021

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With Bitcoin closing at $40,000 and Ethereum selling at record highs, most of the altcoins were trading in the green at press time. Altcoins such as BNB and FTT have demonstrated the strength of the wider market, both reaching record highs on their respective charts. However, some altcoins were unable to keep going northbound and shifted in the opposite direction. That was the case with the REP.

FTX Token [FTT]

Like its counterpart BNB, FTX Token also reached a new all-time high on the back of the bullish cues of the wider market. In fact, gains of more than 30% over the last seven days have underscored FTT’s strong rally. On the downside, the price of $14.92 faced some resistance. Rejection at this price level could see FTT dropping towards $12.9 support.

While trading volumes have decreased by more than 40% in the last 24 hours, the on-chain metrics supported the prospect of an extended bull run. Despite trading in the over-purchased sector, a bullish crossover in the Stochastic RSI was able to see the index move in the upper region for a few more sessions. The MACD line also moved well above the signal line, although the histogram showed a small decrease in momentum.

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Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin snapped a fresher all-time high north of $67 after the buyers pushed the price up on the charts. With a hike of more than 50 per cent in the last seven days, BNB climbed to eighth position in the crypto-rankings after touching $10.2 billion in its market cap. Although the Relative Strength Index traded in the over-purchased region, the turnaround could be delayed because there was a healthy number of buyers on the market at a press time price level. This was illustrated by the On Balance Volume, which was ticked again after a slight dip.

In the next few sessions, an extended bullish scenario can be expected as the bulls aim to hit newer highs. In the event of a reversal, the $52.5 support could give some price relief.

Augur [REP]

Source: REP/USD, TradingView

Augur’s short uptrend was capped at the $24-resistance stage as a cryptocurrency-mounted sales strain. The 24-hour trading volume rose by 68 per cent and illustrated the recent sale as bears were targeting the $20.8 support stage.

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The Awesome Oscillator noticed a change in momentum after the red bar had been reported by the index. A drop below the press time support level will see the REP switch to the next defensive line at $19.6.

On the other hand, the Chaikin Money Flow showed that capital was flowing into the cryptocurrency sector as the index grew above half the graph. If the selling pressure is reduced, the bulls could once again target a move towards the $24-price mark.

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