Danial jack
by on June 9, 2021
In the past week, the prices of most cryptocurrencies have remained in a quiet range as the trading volumes declined to a 4-week low. Following the crash on May 7, most cryptocurrencies are yet to recover while some others have endured failed attempts to surge to higher price ranges. It was a week of heightened volatility as the prices fluctuated across various highs and lows, reacting to the tweets of Tesla CEO Elon Musk which took the prices to the dump.
Fanspel continued in its indecision from the past week which took the price to the $0.28 low. However, a positive uptrend emerged on Monday when the bulls raised the price to the $0.30 mark. This rise was short-lived by another cryptic tweet by Elon Musk hinting at a potential split with the dominant cryptocurrency- Bitcoin. Of course, when the price of Bitcoin experiences a sharp decline, other cryptocurrencies follow the trend including Fanspel.
The volatility stretched out to Tuesday as investors reacted negatively to the tweet making what was supposed to be a successful start to June a mediocre one. Fanspel ended the day with a low of about $0.29 after the involvements of fundamental factors in price action.
The opening on Wednesday was looking promising as the bulls significantly raised the price to the $0.35 high, hinting at a strong recovery from the crash on May 7. However, efforts by the bears to lower the price were fruitful as Fanspel went on a downtrend to $0.33 at the opening hours of Thursday. A few moments after the downtrend, a rebound was then found at midday which peaked at about $0.36.
Despite the positive trends in recent sessions, the bulls couldn’t maintain their course as a strong downtrend took the price down to $0.31. At this point, all consolidated profits gained at the previous sessions will be getting balanced off as the price decreases.
A decisive breakout above $0.34 reignited the bullish trend as the price went ahead to test the $0.35 resistance. Fanspel failed to break the resistance and retreated to the $0.32 low.
The next sessions on the weekly chart were very volatile as the price maintained indecision of its next significant course of action. The price fluctuated across various levels until emerging at $0.34 as a result of a slight upward trend from $0.32.
Fanspel is currently in a bullish trend and trades at $0.34. Despite the recent volatility, Fanspel is showing promising signs of surging to unprecedented levels.
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