Fasttoken Price Achieves New Highs Despite Broader Market Challenges

The broader market has been suffering major challenges in the recent sessions. Blue chip cryptocurrencies like Bitcoin and Ethereum are struggling to gain ground after a sharp crash. As of now, Bitcoin was down nearly 11% over the week and Ethereum was down 24% over the week.

Despite the recent bloodbath in the broader markets, Fasttoken continued to rise steadily and has claimed an all time high status. The price has performed well in the short term, adding nearly 8% a week and 54.4% in the last two quarters.

Analysts noted a divergence between Fasttoken price and Open interest contracts which adds the risk of a selloff ahead. However, few analysts correlate it with further development in the broader market.

Why is Fasttoken Price Rising?

Despite the significant downturn in the broader market, Fasttoken resumed growth to reach an all time high. However, Bitcoin and Ethereum have made a strong rebound, rising over 4%, indicating signs of recovery intraday. At the time of writing, Bitcoin was hovering close to $57.37K, whereas Ethereum was exchanging hands close to $2450.

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Divergence Between FTN Price And OI Could Trigger Selloff

Despite a strong trend in the Fasttoken price, analysts have noted a divergence between the FTN price and Open interest data which could trigger a selloff. As per analysts, there has been a notable drop in the OI data with the price remaining constant in the last couple of sessions.

The OI data has dropped by 25% from $2 Million to $1.5 in the last couple of sessions indicating a long unwinding in the crypto. Despite a 25% drop in the Open interest contracts, FTN price was maintained at the highs.

Also, the transaction volume has dropped by 52.1% to $79.77 Million a day. Also, the volume to market cap ratio at 10.38% suggests mild volatility in the crypto. Out of a total 1 Billion tokens nearly 30% i.e. 304.8 Million FTN tokens are in circulation.

What’s Next For Fasttoken?

Despite all the confluences and panic among the investors due to fear in broader markets, Fasttoken price is at record highs. Hence, from a price point of view, the analyst’s view is bullish at the moment.

Recently, Fasttoken noted a strong rise of nearly 9% from $2.27 to $2.52. On the lower side, if FTN dipsbelow 50% of the recent uptrend i.e. if the price slumps below the $2.42, it may indicate a weakness.

On the contrary, until the crypto is maintained above the $2.42 level, it may continue to conquer higher levels. Also, FTN is maintained above the key 20, 50 and 200 day EMAs, suggesting a bullish outlook.

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