The frenzy persisted over the past week as investors realized profitable returns from their holdings, primarily through profit-taking. However, as investors take profits at overhead positions, a fresh wave of selling is imminent with many coins facing heavy sell-offs at resistance levels. This recent sell-off is completely natural and may only delay the next uptrend for a while.
Fanspel like many other cryptocurrencies realized a volatile week, with prices fluctuating across various levels. Despite trading at a higher volume for the majority of the week, it is down 38% from the previous week.
The bulls again fail to break above the $0.30 overhead resistance on Monday, Aug 23, suggesting the bears are exerting their dominance preeminent in previous sessions. The price dropped aggressively with both the short-term 9 EMA and 20 EMA offering resistance along its downward course.
The RSI indicator was also in a downtrend, failing to climb back above 50 level since the downtrend emerged on Monday, indicating weakness among the bulls.
A strong uptrend was found on Sunday, Aug 29 that soared to a high of $0.23, but was cut short by the bears. The strong trend is commonly referred to as a false breakout, which drove the price to a lower level.
Fanspel currently trades at $0.21, a staggering 38% decrease from last week’s price. However, It is presently on a retrenchment from its recent downward course at the time of writing and it is looking positive for investors.
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