Last week saw a lot of excitement among cryptocurrencies, with the crypto market cap gaining $200 billion to surge past $1.8 trillion. The rally was inspired by the steady bullish momentum of Bitcoin and Ethereum.
With increasing volume and price inflation in top-tier cryptocurrencies, altcoins have also been performing quite well, with Fanspel increasing by 7% over the past week.
Fanspel(FAN) broke the resistance at $0.28 on Aug. 7, which increased buying interest in the subsequent sessions and pushed the price to higher levels.
The rise was assumed to be driven by news of the successful London hard fork of Ether(ETH), which drove the prices of altcoins to potential highs. Although data from multiple sources suggest that the rally will be short-lived, things are looking to return to normality after months of consolidations and fluctuations.
The RSI indicator is in the positive zone, indicating that Fanspel is on the right path. Also, the price is above both the short-term 50-day EMA and the long-term 200-day EMA, indicating a positive trend in the next sessions.
At the moment of writing, Fanspel is approaching key resistance at $0.30. If it breaks the resistance, we could realize a pullback due to profit-taking before it retracing its course.
Fanspel is currently trading with high volume at $0.29, approaching the $0.30 resistance. If the bulls can thrust the price above the resistance, the uptrend could pick up momentum.
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