The 7-week bullish run of the crypto market certainly took a different turn on September 7th. After recovering around 77 percent since the bottom in July, the price fell considerably to its worst weekly tally since July. Bitcoin surpassed the $50,000 mark before reversing its course on September 7, falling to $45,000 as at the time of writing.
Besides Bitcoin, many other cryptocurrencies followed suit and took a major hit. Last week saw promising signs for some of these coins however when Bitcoin fell, their prices were influenced. Since the fall, the entire crypto market has experienced a rise in losses and is attempting to recover from its poor performance.
Fanspel is one of the cryptocurrencies that suffered from the dip, with its price decreasing by 22% to a low of $0.14 on September 7th.
The downtrend emerging from the previous week continued but was met with sheer resistance from the bulls. After a few sessions, the price consolidated just before resuming its correction.
The bears took control on Tuesday through a significant downtrend extended to $0.14. This downward was peculiar among crypto assets in the market with the entire market cap declining by a huge margin.
Both the short-term 20-EMA and the 9-EMA provided support for the price throughout the downtrend, which was tested on Wednesday but failed to break through.
The bears averted the bulls’ attempt to return the price to its earlier levels on Wednesday, as the price fell once more after a robust uptrend.
Fanspel has declined along with many other cryptocurrencies. However, the dip provides an opportunity for investors to buy at lower prices for their portfolios. Fanspel is a solid project, and investors are optimistic about the cryptocurrency’s future. It is currently trading at $0.13, which is likely to rise in the next weeks.
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