Fantom Crypto (FTM), Binance Coin (BNB) indicate a desire to get bullish
Cryptocurrencies have been declining in the past two months as the global crackdown continues. We saw an attempt to get bullish last week, but this week the price has reversed against most of the market. Fantom and Binance coins also retired this week, but their overall decline over the past two months is much smaller than many other cryptocurrencies that have lost more than half their value. So they are showing signs that they want to get bullish soon.
Fantom Daily Chart – Sellers cannot push FTM for support
Fantom had excellent demand from August through October, pushing it from about $ 0.20 to $ 3.46. But the retreat in the crypto market has weighed heavily on this coin, which it raised to $ 1.20 during the Flash crash earlier this month. The 200 SMA (purple) was made in support of this cryptocurrency, stuck with three attempts and eventually the price went bullish last week as sentiment in the market improved.
But while most cryptos made minimal gains, FTM / USD rose from $ 1.20 to $ 2.40, which is a 100% gain. This week we are seeing another drop in the market, but the pullback in FTM has been minimal and sellers cannot even push the price into the support zone below $ 2. This is another upbeat sign aside from the fact that the Total Value Locked (TVL) in Fantom hits $ 6 billion. So buyers should return soon and Fantom will be heading for all-time highs again.
Binance Daily Chart – The support zone at $ 500 holds for BNB
Binance is still in the bullish zone
Binance coin has not shown as much strength as Fantom in the past few months, despite doubling in October, rising to $ 670. Over the past two months we’ve seen this crypto decline diminish, but a support level of around $ 500 has formed that has been holding for more than a month. So it seems like the BNB is waiting for the sentiment in the crypto market to reverse and then resume the uptrend.
Even if Binance doesn’t turn bullish before the end of the year, it has already gained 1,300% this year. However, the decision by the Turkish authorities to fine Binance 8 million lira (equivalent to $ 750,000) earlier this month did not have a major impact on the price. So, at the beginning of next year, Binance should be optimistic.
BNB / USD
Source: Crypto News Deutsch