The cryptocurrency market has been experiencing a period of uncertainty, with a dark cloud hanging over it. However, as the Uptober rally approaches, there is hope on the horizon for bulls. Centralized Exchange (CEX) tokens are gearing up for the next phase, with Binance and OKB showing promising signs of recovery.
OKB Token Analysis:
In the daily chart, the OKB token has broken out of a long-standing resistance trend line, signaling a bullish reversal amidst the volatile altcoin market. The price of the OKB token has surged by nearly 20% in the last month, reclaiming the $40 mark. The current recovery rally is challenging the 23.60% Fibonacci level at $42.64 and has surpassed both the 50-day and 200-day Exponential Moving Averages (EMA).
The consolidation range between $35 and $42.64 is on the verge of a bullish breakout, with the potential for the OKB token to reach targets of $60 and $76, based on Fibonacci levels. The Moving Average Convergence Divergence (MACD) and signal lines are primed for a bullish crossover, further bolstering the bullish sentiment surrounding OKB.
BNB Token Analysis:
Looking at the daily chart for Binance Coin (BNB), there is evidence of a short-term recovery in progress. The price action is forming an ascending triangle pattern, with a key resistance zone near the $600 mark. BNB is currently trading at $583, above both the 50-day and 200-day EMA.
The altcoin is challenging the 50% Fibonacci level at $587, with the potential for an overhead breakout looming. The MACD and signal lines are showing signs of a bullish crossover near the resistance level, increasing the likelihood of a breakout. If BNB manages to break above the resistance, it could target price levels of $711 and $863.
In conclusion, both OKB and BNB tokens are showing signs of a potential bullish breakout in the near future. Traders and investors should keep a close eye on these CEX tokens as they could be primed for significant gains in the upcoming Uptober rally.