We saw a selloff in cryptocurrencies during the end of last week, as a number of circumstances so cryptos reverse. Binance coin lost around 30% in the flash crash, while Fantom crypto has come out as the biggest loser during this decline. Although the decline has stalled in Fantom, while Binance is turning higher again.
Fantom Daily Chart Analysis – A Good Time to Buy the Pullback?
Fantom crypto had a nice run for about two months, from the beginning of September until the end of October, when it surged from around $0.35 to $3.50. Although November was a bearish month for cryptocurrencies and Fantom pulled back down.
The first support at around $2.50 held for some time, but it was eventually broken as the crackdown on cryptos turned the sentiment even more bearish for cryptocurrencies. The fact that the US might tax the cryptos and India might ban a number of them sent digital coins another leg down.
Fantom was being supported by the 100 daily SMA (green) and the second support just below $2 and we saw a bounce from there, but the weekend crash sent the price lower below $1.20. That means that FTM/USD lost around 66% of the value, making it the hardest hit. But, this might be a good opportunity to buy Fantom coins as the partnership with 123swap will make it more visible. Besides that, the Fantom Foundation is partnering with tech provider firm SELISE to implement blockchain technologies to Bangladeshi financial services. So, I am looking to open a buy trade in FTM/USD.
Binance Daily Chart Analysis – BNB Already Brushing Off Losses
The 100 SMA held as support for the Binance coin
Binance coin has been bullish since July although it hasn’t been able to break above May’s highs. BNB/USD has been well supported by moving averages in the last two months and they still continue to support this crypto, after we saw it bounce off the 100 SMA (green) last Saturday. Now Binance is reversing higher again and it should reach all-time highs below $700 soon.