Top Exchange Tokens Prints Differing Moves in Current Market Reawakening

The broader digital currency ecosystem is seeing a gradual rewakening with Bitcoin (BTC) inching a slight gain of 1.31% to $47,179.75 after paring off losses for the better part of the weekend. The major uptick amongst the list of top altcoins is Cardano (ADA) whose runup sustenance has stirred its growth to now rank as the third largest cryptocurrency by market capitalization.

At the time of writing, ADA is up 5.79% to $2.16 to record a market capitalization of $69,329,870,381. On this backdrop, the global crypto market cap is up 0.86% to $1.97 trillion and is on track to retest the $2 trillion benchmark. Amidst this runup, here is how the top three exchange tokens are performing at the moment;

Binance Coin (BNB)

Binance Coin (BNB) is waging a volatility war between the bulls and the bears as earlier gains are being eroded amidst an unwelcome sell-off. BNB has been pushed down its position by virtue of the ongoing Cardano rally and despite its current daily growth of 2.61%, its price of $406.23 is still quite below the 30-day high of $418.92.

BNBUSDT Daily Chart (Binance). Source: TradingView

The BNB/USDT Daily chart shows a great stride by Binance Coin to maintain an uptrend from the 20th of July, breaking key resistances along the way. While the RSI indicator is flashing ‘overbought’ signal which may usher in a slight retracement, the overall trend can still be upheld by the market bulls for a few more days.

Despite the hurdle to the ATH of $690 being overly ambitious, the ecosystem and investor sentiment around the Binance Coin may push its price above the $420 threshold in the short to medium term.

Uniswap (UNI)

Uniswap is the leading decentralized exchange operational on the Ethereum blockchain. While the woes of the Ethereum blockchain were expectedly supposed to impact the price of the UNI, the deep liquidity in the protocol has continued to push forth the relevance and embrace of the tokens.

The protocol realized about $1.02 billion in exchange fees since its November 2018 launch. By contrast, the Bitcoin protocol has generated just $2.24 billion in fees since its launch in 2009, a figure that the DeFi protocol can topple in the coming years. Despite these fundamentals, the tokens seems to be disfavoured by the market bulls as there is an ongoing selling building momentum.

At the time of writing, UNI tokens are exchanging hands at $29.64, down 1.88% in the past 24 hours. Amidst this price depression, the short term growth outlook of the token is positive.

UNI/USDT Daily Chart (Uniswap) Source: TradingView