Altcoin projects related to the bankrupt cryptocurrency exchange FTX do not fall off the agenda. The effects of the collapse continue, accompanied by Binance’s delist decision and new corruption allegations
FTX bankruptcy continues to affect linked cryptocurrencies
The serum has been making headlines as one of the top losers of recent weeks. Investors are worried that it will drop to zero after the FTX crash. Although it experienced downtrends like most cryptocurrencies, the price action afterward was remarkable. After the big drop in price, it has seen more volatility compared to most altcoins. For example, gaining over 93% last week was one of them.
Binance has decided to delist for Serum (SRM)
Solana-based Serum is closely associated with Sam Bankman-Fried and companies. Binance announced that it has removed the SRM token from trading pairs in its latest decision following the FTX bankruptcy. This news came a few days after Serum broke up via fork. In response to this event, it has experienced consistent fluctuations. However, the latest delisting poses many threats to the next price action as the coin could see big dips.
A look at the graph shows that SRM is already seeing this effect as it has lost more than 9%. Looking at the market data reveals more details on how it was impacted.
Altcoin reveals a bearish pattern on weekly chart
SRM has recorded one of the longest candles on the weekly chart since its launch. This candle represents the price action from two weeks ago. The massive downtrend caused the price to close from $0.76 to $0.13.
The next weekday session is marked by further gains as it tries to recover. Despite this, it closed the week with significant increases. Still, it is experiencing major volatility, peaking at $0.36. These recovery attempts proved fruitless, as most indicators did not appear to maintain their downward trajectory. For example, the MACD is currently heading towards the downtrend as it is in the convergence phase. Once it completes this cycle, it could herald the start of another bearish round.
On the other hand, it offers little comfort in RSI. It has trended a little over 30 in the last fourteen days. According to analysts, the massive downtrend could result in a lower RSI. The daily chart sheds more light on when this might happen.
Altcoin security remains uncertain on chart
A glance at the RSI on the daily chart shows that the SRM is seeing an equal amount of pressure from both the bulls and the bears. However, in a few cases, the bulls stepped forward when we noticed a bid above 40.
Crypto analyst Gideon Geoffrey says that $0.10 and $0.20 will act as critical supports in the above environment. Resistances that the bulls need to overcome will be at $0.30, $0.40 and $0.70.
Ben Armstrong urged these altcoin investors to sell as quickly as possible
cryptocoin.comAs you follow, Solana came up with new allegations this week. BitBoy, the million-subscribed Youtube channel, says Solana is now “dead” due to her deep connections with FTX. The crypto phenomenon has claimed in its latest statements that FTX and Alameda are laundering money through Solana.
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