It’s been a remarkable few weeks for digital currencies in the crypto market, with prices soaring to stunning highs. The most recent positive development is Bitcoin’s break out above the $50,000 resistance, marking its 5th successive week of gains.
This is great news for most altcoins as any positive news from Bitcoin tends to influence the prices of other digital currencies in the crypto markets, encouraging investors to buy into multiple positions.
For Fanspel, however, the case has been slightly different, with the price remaining around the same level as in prior weeks despite the overperformance seen in recent weeks among altcoins.
Fanspel started the week on a promising note but was subjected to a heavy sell-off on Tuesday which saw its price drop to $0.27.
The bulls attempted to raise the price but were unsuccessful subjecting it to further losses up to $0.26. However, after some aggressive buying, the bulls were able to raise the price above the 20-day EMA on Thursday indicating a strong uptrend. But with the RSI already nearing 80 (indicating an overbought position), it is very clear that the rally is only temporary.
A strong uptrend was indeed established that extended to Saturday but was short-lived as predicted by the RSI. Following the false breakout, the price dipped towards the $0.25 level and consolidated for a few sessions.
Currently, Fanspel trades at $0.26, attempting to break the target resistance at $0.30. A break above the resistance will suggest a long-term bullish momentum for Fanspel investors.
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