Within the final two years, we have now seen all types of cryptocurrencies or digital tokens come out. Bonafida token, which got here out in December final yr, is certainly one of these tokens. The brand new and unusual cryptos went by means of a serious crash, beginning in Might, however they’ve been discovering nice demand after the bearish interval led to July, and a few even made first rate features, though the second crash in September despatched them diving decrease once more.
Nonetheless, a few of them are recovering effectively, whereas others will not be. Bonafida coin appears to be one of many cryptos that’s discovering strong demand once more.
Bonafida Day by day Chart Evaluation – FIDA/USD Bouncing Between 2 MAs
The 50 SMA is appearing as help, whereas the 20 SMA has changed into resistance
As talked about above, Bonafida is among the new cash that’s performing higher. It varieties a bridge between Serum and Solana and brings the Solana Information analytics to the sector. The Bonfida API can also be utilized by a few of the largest market makers within the trade. This crypto, which is constructed on the Solana community, was launched in December 2020 and it serves three foremost targets:
- Performing as an on-chain perpetual swap between Serum, Solana and the person.
- Solana identify service for auctioning and transacting readable Solana addresses.
- Provides Bonfida Bots that permit customers to automate buying and selling, apply their very own methods and do copy-trading from skilled merchants on the Serum DEX.”
Moreover the principle targets, the Bonafida token, FIDA, gives worth accrual, staking rewards and price reductions. This crypto surged from round $0.50 initially of the yr to above $3.70, however has crashed decrease with the remainder of the market since Might, falling to $10s, the place it shaped a backside.
It resumed the bullish development once more in July, and surged to nearly $9, and it saved surging greater, even after the market turned bearish early this month. However the second bearish wave caught up with all cryptos when the crackdown on this market intensified, and the FIDA token tumbled decrease.
The 20 SMA (grey) was appearing as help for FIDA/USD on the way in which up on the day by day chart, but it surely was damaged after the reversal down. Nonetheless, the decline stopped simply above the 50 SMA (yellow), which implies that this transferring common has changed into help now. Yesterday we noticed a bounce off this transferring common, however the 50 SMA changed into resistance. As we speak, consumers appear to be in management once more, because the sentiment improves within the crypto market, so the bullish momentum continues right here, though the bullish development will solely resume when the 20 SMA will get damaged.