In our previous article (on April, 30), we analyzed the dynamics of the most popular utility tokens (BNB, OKB, HT), seeing how in just a year some of them grow in price 17 times. In addition to this market players, we also got acquainted with the new Franklin (FLy) utility token created to serve the VRM business ecosystem.
Utility tokens have hit new all-time highs this week. Let’s take a look at the changes have occurred and make some conclusions about the reasons of this movement and the results of our previous forecasts.
Binance Coin
Source: TradingView
Since our last article, the BNB price has reached an all-time high of above $680. BNB market capitalization crossed the $100 billion milestone, but after that token price fell. The current BNB capitalization value (at the time of writing) is $95.9 billion. BNB price is $626.3 per coin.
Interestingly, the number of daily active addresses has fallen from a high of 351.75k on April 21 to 92.5k on May 3, while the price reached an all-time high.
It demonstrates the 74% decline over the last two weeks. It is signifying a general exodus of speculators driven by profit-taking or simple reallocation of funds.
Source: Sanbase
Currently, the BNB price has dropped back to the support area of around $630 per coin. And as we can see from the previous chart, the number of active addresses has been rising from 85k to 173k (X2) during the last few days.
This metric highlights that speculator attention is growing and points to an untapped source for a surge in buying once they try to chase the rally.
If buyers will be strong enough to keep the price higher than the $630 area, the next target point for potential growth is $730 per coin (+20%).
Key support/resistant levels for BNB/USD price:
Support 1: $600
Support 2: $540
Support 2: $520
Resistance 1: $652
Resistance 2: $675
Resistance 3: $730
OKB
OKB price did the same thing as BNB – the price climbed to a peak of near $40 per coin. As is visible on the chart below, the reason for this movement was speculation positions.
Source: Sanbase
Since our last article, the OKB/USD price has risen more than +100% – from $20 to $43 per coin (we gave a bullish forecast on our Medium account).
Today the price smashed the $33 support level. As the long term up-trend is relevant, and the latest price candles closed as pin-bar models, the technical analysis indicates we have a bullish signal. The next target will be the previous high of $43 per coin.
Source: TradingView
Key support/resistant levels for OKB/USD price:
Support 1: $32.70
Support 2: $24.00
Support 3: $18.65
Resistance: $43.10
Huobi Token
The numbers of active addresses are growing more than the previous peak level amount. It shows an opportunity to see a new price movement in the current uptrend formation. The nearest target, according to the technical analysis, is $30 per coin.
Source: Sanbase
The price of the HT coin breached the resistance level of triangle formation and reached the new all-time high at $28.68.
Source: TradingView
Key support/resistant levels for HT/USD price:
Support 1: $24.32
Support 2: $21.65
Support 3: $18.86
Resistance 1: $28.68
Resistance 2: $38.00
Franklin (FLy)
Franklin token (Fly), the utility token recently launched by VRM, is trading steadily above the new support level of $0.2368. Since April 30, the price has increased by +80% – from $0.13778 to $0.25170 (current price at the time of writing).
The token was designed to provide customers with an opportunity to get discounts and benefits from the entire. VRM ecosystem.
As we wrote in our last article, our team plans to continue the listing for FLy to enter a new exchange every week. This week Franklin became available for trading at the Kukoin exchange. Due to the listing plan, FLy will be traded on 20+ venues by the end of the year.
Source: Gate.io
We will continue to provide you with all the relevant information about FLy token price analysis and new product launches on VRM.trade. Subscribe to our Medium account and don’t miss further updates.
And remember, the future possible growth depends on various factors: announcements, new technological solutions of the projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research.
All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as a recommendation or as a guarantee of any specific outcome or profit.
