Exchange Tokens

Many exchanges use their tokens for staking and liquidity, which means that many of these tokens are locked up and not moving, driving up the price as coin scarcity comes in. A solid reputation is a bit short of gold in a crowded decentralized exchange market.

Currently, the market is flooded by cryptocurrency exchange tokens. Although having a choice is beneficial, it can be debilitating for many investors. After all, while a good platform can help you expand your investment portfolio, the converse is also true: a poorly set up exchange can cost you money in the form of missed chances and, more directly, frauds.

One of the most revealing signs of success is the reputation of a trustworthy exchange. Users must remember that actions speak louder than words, even if marketing language paints an image of an exchange’s industrial success, secure features, and diverse products. Let’s look at a couple of them.

FTX Token (FTT)

FTT Token is now the second-largest token holding among the top 100 Ethereum whales, trailing only ETH holdings. It had been battling Shiba Inu, a meme coin, for the top slot on the list. FTT tokens currently account for 20.03 percent of ETH whales’ holdings. This values the property at roughly $1 billion. With a total value of $843.6 million, USDC presently accounts for only 17.66 percent of its entire holdings. Shiba Inu has fallen behind FTT Token and USDC in terms of currency value. Let us look at the FTT price:

FTT Price

FTT is one of the largest exchange tokens by marketcap. The altcoin market has been trying to keep up with the rejection of higher prices since the market-wide drop. Over the last 50 days, dedicated bearish efforts have resulted in a wave of sell-offs. FTT plunged to a nine-month low on May 12 after a massive 50.73 percent sell-off from its April highs.

FTT tested the support price level at $27.48 and surged more than 19% but it couldn’t break above the $32.53 resistance level. The bulls still needed to break above $32.53 and the low volatility compression phase with heightened buying volumes to turn around the existing fear and short-term bearish phase.

WazirX (WRX)

The WazirX Exchange, which debuted in India in 2018, has a utility token called WRX. The WazirX ecosystem’s roots were built by WRX tokens, which served as a solid investment for all new users looking to invest into exchange tokens. Users can use their WRX tokens to pay for their listing fees, in addition to trading them. The WRX token can also be used to pay for fee margins, making the transaction a lot more convenient.

The most recent innovation is the P2P engine, which allows you to rapidly convert your money to crypto while WazirX works as an escrow for the transaction’s safekeeping. WazirX claims to have no costs and is completely safe thanks to its world-first auto-matching P2P engine. Let us look at the WRX price:

WRX Price

The support and resistance levels are crucial indicators of whether a stock will continue or reverse its direction. The current support level for WRX is $0.19, while the current resistance level is $0.40. Fear in the market has intensified the trend’s weakness, and there are currently no substantial bullish signs. For WRX to have a short-term bullish bias, the daily candle must close above $0.40.

GateToken (GT)

GateToken(GT) is the GateChain ecosystem’s native currency and the only exchange token on the market (GT). It supports the (proof-of-stake) PoS staking incentive structure and is used to pay transaction fees on the GateChain network. GT was renamed Gate Token and became an exchange token for in March 2020. will release a significant update to its mobile app that will allow users to choose between a “Lite App” and a “Full App” version of its main app. surpassed 10 million users worldwide in January 2022. The team aim to make GT one of the versatile exchange tokens. It will unveil a new logo, slogan, and colour palette that reflects the company’s nine years of digital asset innovation since its inception in 2013. Let us look at the GT price:

GT Price

The horizontal resistance at $5.85 has prevented any upward momentum on the daily timeframe, and buyers have been unable to push and, as a result, consolidate the price near it. If the bears continue to force the price lower, the solid line (in green) that acts as support will most likely be tested at $4.89.

If buyers enter the market and close a daily candle over $5.85, the market will be slightly bullish. From a technical standpoint, the likelihood of GT moving towards the horizontal resistance at $7.00 (in red solid line) is high.

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Images courtesy of TradingView.


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