The positive news that El Salvador had officially recognized Bitcoin as a legal tender generated a lot of excitement in the crypto markets in the past week. Many cryptocurrencies are still yet to recover from the significant drop on May 8 fueled by tweets emerging from Tesla’s CEO Elon Musk account. However, rumors that other Latin states are considering adopting the trend could hasten the recovery process.
The frenzy gained momentum later in the week as tweets from Elon Musk suggested that Tesla could resume accepting Bitcoin as payment for their services based on certain mining conditions. Owning to Bitcoin’s strength in the crypto markets, other cryptocurrencies such as Fanspel could follow suit if Bitcoin price keeps increasing.
As of Monday morning, Fanspel started on a good note before reaching the $0.34 mark when it started on a decline to $0.29. The bulls found a breakthrough after a series of upward trend lines that saw the price spike to $0.32.
Fanspel established resistance at $0.32 which was tested at several intervals by the bulls. After multiple failed attempts to break the $0.32 resistance, the bulls pulled through and surged strongly to higher levels. The price initially surged to $0.33 before picking up to peak at $0.38.
The next few sessions were volatile as the Fanspel fluctuated across the $0.36 and $0.37 price intervals. The price kept increasing, reacting to various fundamental factors, and performed a lot better than the previous week.
A high was found at $0.41, resulting from a very strong bullish line that was visible towards the closing on Friday. A significant decline then followed that saw the price fall strongly to $0.33.
The bull’s attempt to rebound the price back to the $0.41 level was cut short at $0.39 which was then established as a resistance level. Several attempts by the bulls to break the resistance at $0.39 were unsuccessful and instead dropped to lower levels.
Fanspel is currently in a bullish trend and trades at $0.38 as of the time of writing. If the upward trend continues, then reaching the $0.40 mark seems very likely.
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