Older layer 1 blockchains thrive - Binance coin (BNB) and Fantom (FTM) flying high

Older layer 1 blockchains thrive - Binance coin (BNB) and Fantom (FTM) flying high

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Cutting-edge blockchain projects and their innovative technology is a reason for backing new companies in the crypto space. However, both Binance (BNB) and Fantom (FTM), layer 1’s from the 2021 bull market, are currently flying high.

Binance almost down and out

When former Binance CEO Chengpeng Zhao (CZ) voluntarily went to the US to face prosecution, and Binance settled with the US Treasury’s FinCEN with the largest fine in its history, of $4.3 billion, it might have been thought that this would be the beginning of the end for what was the world’s biggest cryptocurrency exchange by trading volume.

$BNB, which is the Binance blockchain’s network token, flirted with disaster for quite a period of time, as the price kept returning to support at around $210 all through 2022 and 2023. Below that support is a deep chasm that could have possibly led to a free-fall all the way down to the region of $30.

Source: Coingecko/Trading View

As it was, $BNB always managed to bounce from the support, and in October of 2023, a sustained bounce took $BNB almost to a new all-time high of $643, before the price returned to support at $570. If the support does hold, and the price consolidates above, the 1.618 fibonacci level is sitting at $1,000.

$FTM has plenty of upside

Source: Coingecko/Trading View

Fantom (FTM) is currently flying high, up more than 8% on Friday so far. The resistance at $1.12 looks as though it may be flipped into support, but this will only be confirmed at the end of play on Sunday.

The fibonacci levels suggest that the next targets for $FTM are $1.44 at the 0.384 level, $2.22 at the 0.618, and $2.77 at the 0.786. With the previous all-time high at $3.47, there is still quite a bit of upside in the $FTM price yet.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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