FTT Token Price Crashes Like LUNA, Binance Coin (BNB) Holds Ground

Binance Coin (BNB) price has fallen below the $300 resistance area, while the FTX Token (FTT) price is trading close to its 2021 lows.

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.

This came after Binance CEO CZ Zhao announced that he was liquidating his FTT holdings. The story at the time was that this was the next chapter in the ongoing feud between Binance and FTX.

However, everything changed later in the afternoon when Binance announced that it signed a non-binding agreement to acquire FTX. The deal was also confirmed by Sam Bankman-Fried, the CEO of FTX.

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.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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