Cryptocurrencies have made little substantial improvement in the past few weeks, with prices remaining static and fluctuating across a specific price range. The static performance is attributed to the absence of any significant triggers which makes every minor price movement susceptible to a sell-off, resulting in lower volatility and a higher probability of remaining at present levels.
Presently, the crypto market is hoping for a miracle to overcome this current condition of mediocrity.
At the early hours of Monday, Fanspel traded at $0.29, which is about a 3% decrement on a 7-day rolling basis. This is an indication that investors should expect a bumpy week ahead. However, the downtrend did not materialize, and instead, Fanspel’s price started on a strong bullish reversal, surging upwards to $0.34.
Following the breakthrough, a significant negative trend emerged, dropping the price below $0.32 on Wednesday. The sell-off resumed on Thursday, reaching the $0.31 low.
By Friday, the market had returned to the new normal with the prices resurfacing at $0.30 following the false breakout. In the next couple of sessions, multiple fluctuations were found between the $0.30 and $0.32 ranges as the bulls struggled to sustain any chance of prolonged upward movement due to profit-taking and short-selling which is dominant in recent times.
Fanspel currently trades at $0.32, which is about a 7% increase over the previous week’s price. This is an indication that Fanspel is headed in the right direction and will be able to break free from its current state of stagnation.