Autor: dot-traders

• Fantom blockchain was touted as a leader in smart contracts

• Fantom has been losing TVL since the developers exited

• FTM is under pressure at $0.24

Fantom FTM/USD – a cryptocurrency that once traded at $3.6 exchanges hands at just $0.25. FTM has lost by double digits in the past week. It looks bearish despite recovering 2% in the last 24 hours. Are we set for a further slide or recovery?

In 2021, Fantom blockchain was touted as among the best smart contract protocol for dApps and digital assets. That was due to the blockchain’s high throughput and fast transactions. The expectations that Fantom will drive DeFi growth helped its native token to surge last year. Alongside the utility aspects, such as staking, FTM gained prominence as prices touched new highs.

A totality of uncertainty could be behind the recent drop and weak recovery in FTM. Since the news of the exit of key developer Andre Cronje, Fantom has never been the same. The news was later followed by geopolitical jitters and macro issues, which gave FTM the final blow. These macro events are far from over, while the return of the exited developers remains speculation. The total value locked on Fantom has fallen to just $498.7 million from $8.03 billion in March.

FTM remains vulnerable as the price weakens at the support

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Source – TradingView

A technical outlook shows that FTM has remained on a downtrend since the mid-August high of $0.4. Both the 20-day and 50-day moving averages offer resistance above. An RSI reading of $38 shows investors have been aggressively selling the token. 

Concluding thoughts

FTM remains vulnerable at the $0.24 support zone. There is no bull trigger for the token, and the price lacks momentum. The next potential level is $0.21 if FTM buyers fail to inspire a comeback at the current zone.

The post Fantom recovery looks in tatters as bulls fail to inspire a comeback appeared first on CoinJournal.

• Binance announced the Binance Account Bound token on September 8

• BAB will be an identity verification proof on Binance Chain

• Binance coin lost important support after inflation data

A week ago, Binance BNB/USD announced the launch of the Binance Account Bound token or BAB. The crypto exchange described it as a soul-bound token that will only be used as proof of KYC verification. Users can mint the new token on BNB Chain, participate in projects, and generate rewards.

The launch of BAB coincided with a surge in BNB price and trading volumes on the exchange. BNB trading volumes rose past the 1 billion mark highlighting the significance of the latest development. The prior gains seem to have now waned.

From the technical front, the BNB price initiated a bullish breakout from an inside bar. Our latest call indicated that the breakout makes BNB likely to head to $326. However, Tuesday’s inflation data triggered a bearish market for BNB. That has pushed BNB back to $274, below the key support of $278. Does the price indicate that BNB is bearish?

BNB price movement and prediction as price slides below support

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Source – TradingView

On the technical front, BNB has lost the battle at the $278 support, the 20-day and 50-day moving averages. The MACD line has also closed below the moving averages as bearish pressure mounts. However, we cannot confirm a bearish momentum at the moment.

At the current price, BNB is yet to break below the primary bar, which initiated an inside bar breakout. To confirm a bearish movement, the price needs to clear below $261. At the same time, BNB is not attractive at $274. All the technical indicators are bearish. 

Concluding thoughts

We need more price action to confirm a bullish or bearish bias for BNB. For now, the token has not yet invalidated a bullish bias from the inside bar breakout.

The post Is BNB attractive as it battles $274? appeared first on CoinJournal.