Binance Coin (BNB) price declined below the $300 resistance area, while FTX token (FTT) price is trading near its 2021 lows.
November 8th was a very important day for the cryptocurrency market. Initially, FTT price turned significantly lower in the early hours of the day, trading above $15 with a 30% decrease from yesterday’s price.
This comes after Binance CEO CZ Zhao announced that it was liquidating its FTT holdings. The story at the time was that this was the next chapter in the ongoing feud between Binance and FTX.
However, later in the afternoon everything changed when Binance announced that it had signed a non-binding agreement to acquire FTX. the deal was also confirmed By Sam Bankman-Fried, CEO of FTX.
Despite the deal, the price of FTT has dropped by more than 80% in the past 24 hours.
FTT price falls to multi-year low
The price of FTT started a significant downtrend on 8 November. It declined to a low of $2.73 the next day. A low was formed below the $3.65 horizontal support area it has been in since August 2020. As a result, it was below the 2021 low.
The price has formed a lower wick (green icon) and has since moved above this area. However, it is still trading 82% below its price on November 7.
There is no bullish reversal signal since the weekly RSI is oversold, it has not generated any bullish divergence.
The price of Binance Coin is around $300. remains on
Unlike FTT, the price of Binance Coin reached a high of $398.30 on 8 November. There was a downside move below the $330 horizontal area, which is now expected to provide resistance. Additionally, the previous breakout is considered a divergence (red circle).
The main support area is $265. This is the 0.618 Fib retracement support level and a horizontal support area. A breakdown below this would accelerate the rate, while a retest of the $330 area would be a bullish development.
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