In the ever-evolving world of cryptocurrency, two prominent projects are currently making waves in the market. Binance (BNB) and Fantom (FTM), both layer 1 blockchain networks, are soaring to new heights despite facing challenges in the past.
Binance, once the largest cryptocurrency exchange by trading volume, seemed to be on shaky ground after former CEO Chengpeng Zhao (CZ) faced prosecution in the US and the exchange settled with the US Treasury’s FinCEN for a record-breaking fine of $4.3 billion. However, BNB managed to defy the odds and bounce back from the brink of disaster. After flirting with support at $210 for a significant period, BNB surged to nearly $643 in October 2023, hinting at a potential new all-time high of $1,000 if the support holds.
On the other hand, Fantom (FTM) is currently experiencing a bullish trend, with the price up more than 8% on Friday. The resistance at $1.12 is expected to turn into support, paving the way for further gains. Fibonacci levels indicate that FTM could reach targets of $1.44, $2.22, and $2.77, with the previous all-time high at $3.47 suggesting more upside potential.
Despite the volatility in the cryptocurrency market, both Binance and Fantom are proving to be resilient and promising investments for those looking to capitalize on the innovative technology of blockchain projects. As these older layer 1 blockchains continue to thrive, investors are keeping a close eye on BNB and FTM as they soar to new heights in the crypto space.
