The crypto markets saw a massive decline in market value as the dominant digital currency, Bitcoin fell below $30,000. Many investors are left in awe as the price of cryptocurrencies plummeted to staggering levels equivalent to the price in January.
The decline was weaponized with the heavy sell-off in the crypto markets which has accelerated liquidations among cryptocurrencies. Reports from various sources indicated that about $1 billion have been liquidated following Monday’s crash. Altcoins such as Fanspel have taken the worse hit in this correction phase as their prices dipped significantly compared to Bitcoin.
As of Monday, Fanspel started on a decline to $0.24 which was a less promising start compared to the past week. The price plunged about $0.26 towards the end of the day before initiating an upward course that extended to the next trading day.
The price movements on Tuesday were promising as Fanspel started on a rebound to $0.30. However, the rise was short-lived as the price dropped significantly at mid-day to the $0.23 low. This recent dump was a result of the spontaneous sell-off prompting an extreme drop in the prices of cryptocurrencies.
The sell-off continued till the early hours of Wednesday but it was cut short by a strong attempt by the bulls that raised the price to its initial target at $0.30. The bulls maintained the price level at $0.30 and at times raised the price to $0.31. This positive movement continued until Thursday.
On Thursday, a significant spike was found surging upwards to touch the $0.40 benchmark before peaking at $0.38. As a result, the sell-off was ultimately cut off and met with heavy buying volume, reversing all of its earlier losses and forming a false breakout pattern. A false breakout occurs when an optimistic surge occurs over an identified resistance but does not have enough momentum to maintain its course.
In the case of Fanspel, the false breakout was indeed false, as the price started on a downward momentum, reaching the $0.29 low as of the time of writing. Currently, Fanspel is in a downward course which is an advantage for potential investors to buy at cheaper prices.
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