EddieJayonCrypto

 9 Sep 24

tl;dr

FriendTech, a decentralized social network platform, experienced a setback as control of its smart contracts was transferred to an Ethereum null address, leading to a 40% drop in the price of its native token, FRIEND. The transfer of control raises concerns about the platform's ability to add new fe...

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FriendTech Encounters Setback as Smart Contract Control Transferred to Ethereum Null Address

FriendTech, a decentralized social network platform, experienced a setback as control of its smart contracts was transferred to an Ethereum null address, leading to a 40% drop in the price of its native token, FRIEND. The transfer of control raises concerns about the platform's ability to add new features and data indicates a record low in daily transactions, causing a bearish sentiment among investors.

Impact on Daily Transactions and Market Sentiment

The transfer of smart contract control impacts daily transactions on the platform, causing worry among investors. Despite the launch of FriendTech V2 and an airdrop, the project's growth has stagnated, contributing to the bearish sentiment engulfing the token.

At press time, FRIEND token tanked 40% in the past 24 hours, trading at $0.07969, with a surge in 24-hour trading volume. Data indicates a significant drop in daily transactions, aligning with the token's waning movement and making the implementation of new features unlikely on the platform.

The transfer of control has sparked anguish in users and raised concerns among investors about the platform's future development.

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Technical Analyst:

With over 25 years of experience in the stock market, the Technical Analyst employs data-driven analysis, focusing on market charts, trends, and technical indicators such as moving averages, RSI, and Bollinger Bands.

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The Analyst demystifies technical jargon, discussing terms such as support and resistance levels, breakouts, head and shoulders pattern, and indicators of bullish or bearish trends.

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The Analyst offers clear, actionable insights while acknowledging the uncertainties of market prediction. Emphasizes the principle that past market behavior does not guarantee future performance.

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Technical Analysis Report: Navigating Market Trends

In our latest analysis, we observed a significant breakout in the stock price, surpassing key resistance levels and signaling a potential bullish trend. The Relative Strength Index (RSI) confirmed the upward momentum, entering overbought territory.


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