Bonafida Coin FIDA Starting the Bullish Reversal Already

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

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

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

Bonafida is one of these new coins, forming a bridge between Serum and Solana and bringing the Solana Data analytics to the field. The Bonfida API is also used by some of the largest market makers in the industry. It is built on the Solana network, launched in December 2020 and 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 which allow users to automate trading, apply their strategies and 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 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. Bit, the second bearish wave caught up with all cryptos as the crackdown on this market intensified and 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. Although, 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 resume only when the 20 SMA gets broken.