⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Cryptocurrencies are facing a difficult time

Bonafida Coin FIDA Starting the Bullish Reversal Already

Posted Friday, October 1, 2021 by
Skerdian Meta • 2 min read

In the last two years, we have seen all sorts of cryptocurrencies or digital tokens come out. Bonafida token, which came out in December last year, is one of these tokens. The new and strange cryptos went through a major crash, starting in May, but they have been finding great demand after the bearish period ended in July, and some even made decent gains, although the second crash in September sent them diving lower again.

Nonetheless, some of them are recovering well, while others are not. Bonafida coin seems to be one of the cryptos that is finding solid demand again.

Bonafida Daily Chart Analysis – FIDA/USD Bouncing Between 2 MAs

TradingView Chart

The 50 SMA is acting as support, while the 20 SMA has turned into resistance

As mentioned above, Bonafida is one of the new coins that is performing better. It forms a bridge between Serum and Solana and brings the Solana Data analytics to the field. The Bonfida API is also used by some of the largest market makers in the industry. This crypto, which is built on the Solana network, was launched in December 2020 and it serves three main objectives:

  • Acting as an on-chain perpetual swap between Serum, Solana and the user.
  • Solana name service for auctioning and transacting readable Solana addresses.
  • Offers Bonfida Bots that allow users to automate trading, apply their own strategies and do copy-trading from experienced traders on the Serum DEX.”

Besides the main objectives, the Bonafida token, FIDA, offers value accrual, staking rewards and fee discounts. This crypto surged from around $0.50 at the beginning of the year to above $3.70, but has crashed lower with the rest of the market since May, falling to $10s, where it formed a bottom.

It resumed the bullish trend again in July, and surged to almost $9, and it kept surging higher, even after the market turned bearish early this month. But the second bearish wave caught up with all cryptos when the crackdown on this market intensified, and the FIDA token tumbled lower.

The 20 SMA (gray) was acting as support for FIDA/USD on the way up on the daily chart, but it was broken after the reversal down. However, the decline stopped just above the 50 SMA (yellow), which means that this moving average has turned into support now. Yesterday we saw a bounce off this moving average, but the 50 SMA turned into resistance. Today, buyers seem to be in control again, as the sentiment improves in the crypto market, so the bullish momentum continues here, although the bullish trend will only resume when the 20 SMA gets broken.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments