With the crypto market witnessing a dark patch before the Uptober rally brings the sunshine for bulls, CEX tokens are preparing for the next stage. Despite the increasing volatility in the altcoin market, Binance shows a positive trend in price fluctuations, and OKB shows a recovery at hand.
Will a twist of fate drive the short-term breakouts in BNB and OKB tokens for a bull run ahead? So, let’s look at the top CEX tokens to buy before the bull run begins.
In the daily chart, the OKB token shows a bullish breakout of a long-coming resistance trend line. With this breakout rally, the OKB token marks a trend reversal amid the volatile altcoin market.
The OKB token price has increased by almost 20% in the last 30 days and has reclaimed the $40 mark. Based on the Fibonacci levels, the recovery rally is challenging the 23.60% level at $42.64.
Furthermore, the recovery run exceeds the 50-day EMA and is now challenging the 200-day EMA. Based on the price action analysis, the consolidation range formed between $35 and $42.64 is on the verge of a bullish breakout if the altcoin exceeds $43.
Hence, the OKB token stands at a bullish crossroads, which can potentially ignite the next bullish rally. Based on the Fibonacci levels, the upside target for the October rally in the OKB token stands at 78.60% and 1.272 Fibonacci levels at $60 and $76, respectively.
Supporting the possibility of a bullish trend, most MACD and signal lines are on the verge of a bullish crossover. Meanwhile, a bullish breakout will likely lead to a golden crossover in the daily chart, boosting the overall OKB sentiment.
In the daily chart, the BNB price action reveals a short-term recovery at play. Furthermore, with the overhead resistance zone near the $600 psychological mark, the short-term price action reveals an ascending triangle pattern.
Meanwhile, a long-term consolidation is observed between $464 and the $600 supply zone. Currently, the altcoin is trading at $583 following the 2.91% recovery last night.
The altcoin is trading above the 200-day and 50-day EMA while challenging the 50% Fibonacci level at $587. Following a bullish engulfing candle, Binance’s possibility of an overhead breakout has increased significantly.
The sideways trend in the 50-day and 200-day EMA in a positive alignment gives a neutral signal. However, the bullish crossover in the MACD and signal lines near the resistance test increases the possibility of a bullish breakout.
In case of a bullish outcome, the uptrend in BNB price could potentially hit $711 or $863. On the flip side, the crucial support for the altcoin is the local support trendline and the 23.60% Fibonacci level at $522.
Wondering if Binance Coin (BNB) price will hit $1,000? Find out now in Coinpedia’s BNB price prediction for 2024 to 2030.
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