Fanspel Token Analysis –7th SEP 2021

It has been a pleasant past weeks for most cryptocurrencies in the crypto summer market as the frenzy progresses. Many coins realized new highs, with Bitcoin breaking over the $50,000 resistance which it has tested on several occasions.

It has been a pleasant past weeks for most cryptocurrencies in the crypto summer market as the frenzy progresses. Many coins realized new highs, with Bitcoin breaking over the $50,000 resistance which it has tested on several occasions.

However, it hasn’t been the case for Fanspel, which has seen a 16% drop in its price on a 7-day rolling basis in the weekly chart. Fanspel have been struggling for some weeks now, striving to break its initial target at $0.3. If it can break through that resistance, it may attract more buying interest, pushing the price even higher.

Source: poocoin

The bears took control on Monday, slowing and gradually dropping the price to extended lows. Prior to the fall out, a significant uptrend was visualized stretching out to $0.24 before being cut out by the bears. This spike will later inspire a heavy sell off that drop the price to staggering levels.

Since the beginning of the week, the RSI has scarcely risen above the 60 level and is currently in a downward trend. A barrier level of 51 has been peculiar in several sessions; if the price breaks past this level, we may see an uptrend.

The bull’s attempt to raise the price on Thursday was derailed by the bears, with both the 9-day EMA and the 20-day EMA offering resistance to the price. The price subsequently rebounds to test the EMA resistance, but fails to break it, causing the price to fall further.

However, a positive rise in volume on Sunday (September 5th) sparked a new wave of optimism, causing the price to consolidate for the next few sessions (on the hourly chart) before beginning on a retracement to a higher position.

Fanspel currently trades at $0.18, its lowest level since its launch. However, with high volume and interest, we could see Fanspel returning to higher positions like many tokens in the crypto market.

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