Date: Thu, Dec 26, 2024, 10:31 AM GMT

In the cryptocurrency market, the centralized exchange (CEX) narrative is back in the spotlight, spearheaded by Bitget Token (BGB), which surged by an incredible 335% in just the last 30 days. Following this trend, other top CEX tokens, including Binance Coin (BNB) and OKB, are building momentum for potential upside rallies. Both tokens recently achieved key breakouts, suggesting a potential bullish outlook.

Source: Coinmarketcap

Binance Coin (BNB)

Binance Coin (BNB) is showing strong bullish signs after forming a classic cup-and-handle pattern on its price chart. This formation is widely regarded as a precursor to sustained upward movement when confirmed. $BNB has already broken out from the handle section of the pattern, and the token is currently retesting the breakout zone near $693.88. This retest is critical, as maintaining this level could serve as a springboard for the next leg of the rally.

Binance Coin (BNB) 1D Chart/ Coinsprobe

If the breakout holds, BNB’s price could target the $794 resistance, which aligns with the measured move projection for the pattern. A successful rally to this level would represent a 14% gain from the current price of $694.

On the technical side, the MACD indicator is signaling the possibility of a bullish crossover, suggesting that momentum is building. Additionally, the RSI is currently at 54.79, indicating there is room for further upside before the token enters overbought territory.

OKB (OKB)

Similarly, $OKB is exhibiting bullish potential, driven by its own cup-and-handle formation. The token has broken out of the handle’s descending resistance and is now retesting the breakout level around $50.43. Like BNB, this retest is crucial for determining the pattern’s validity and the sustainability of the upward move.

OKB (OKB) 1D Chart/ Coinsprobe

Should the token maintain its position above the breakout level, it could set its sights on the $64.26 resistance. This target represents a 27% upside from the current price of $49.79. Technical indicators for OKB are also supportive of further growth.

The MACD histogram is recovering, and a bullish crossover appears to be on the horizon. Meanwhile, the RSI stands at 48.86, suggesting that OKB has ample room to rally without facing immediate overbought conditions.

Outlook for BNB and OKB

Both BNB and OKB are demonstrating robust technical setups that are in sync with the growing bullish sentiment surrounding CEX tokens. The emergence of cup-and-handle patterns on their charts signals a continuation of the uptrend, but the success of these rallies hinges on the outcomes of their respective breakout retests. If these levels hold, the market could witness substantial price appreciation for both tokens in the weeks to come.

Conclusion

The current optimism around CEX tokens is largely fueled by the stellar performance of BGB, which has reinvigorated interest in the exchange token narrative. As BNB and OKB follow suit with promising technical breakouts, the stage is set for potential rallies that could further solidify their positions in the market.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making any investment decisions.