Nov. 8 was a very eventful day for the cryptocurrency market. Initially, the FTT price tanked considerably in the early hours of the day, trading at just above $15, a decrease of 30% relative to the prices of yesterday.
Despite the deal, the FTT price has decreased by more than 80% in the past 24 hours.
FTT Price Falls to Multi-Year Lows
The FTT price initiated a significant downward movement on Nov. 8. It fell to a low of $2.73 the next day. The low was made below the $3.65 horizontal support area, which had been in place since Aug. 2020. As a result, it was below the 2021 low.
The price has created a lower wick (green icon) and moved above the area since. However, it is still trading 82% below its price on Nov. 7.
There are no bullish reversal signs in place since while the weekly RSI is oversold, it has not generated any bullish divergence.
Binance Coin Price Holds on Near $300
Contrary to FTT, the Binance coin price reached a high of $398.30 on Nov. 8. The downward movement caused it to decrease below the $330 horizontal area, which is now expected to provide resistance. Additionally, the previous breakout is considered a deviation (red circle).
The main support area is at $265. This is the 0.618 Fib retracement support level and a horizontal support area. A breakdown below it would accelerate the decrease rate while reclaiming the $330 area would be a bullish development.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.