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.
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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