FunFair (FUN) has been falling since August 24th and broke a rising support line on September 7th.
However, it is still trading above the horizontal support allowing the uptrend to continue.
FUN stands above support
The weekly chart shows that FUN has been on the rise since July 21st. The move above the $ 0.023 zone in August shows that what previously seemed like just a divergence was visible.
Now FUN has returned to reaffirm this zone as support.
Technical indicators are at an important level. The RSI has risen above the 50 level again and the MACD has shown a bullish reversal signal.
However, this week’s close is crucial as it could invalidate these two bullish signs.
Conversely, if the token holds the USD 0.023 support area, the bullish structure and indicators will remain intact.
Weekly FUN / USDT Chart | Source: TradingView
A look at the daily chart shows that FUN has been moving along the rising support line since July 21st.
Although the September 7 decline caused the price to break below this line, the token is still holding above the 0.618 Fib retracement support. This level coincides with the previously described horizontal support area of $ 0.023.
However, the technical indicators are falling on the daily timeframe. The MACD is in negative territory and the RSI has dropped below 50.
FUN / USDT daily chart | Source: TradingView
A recovery is expected according to the two-hour chart. This is because there is a significant bullish divergence between RSI and MACD with the divergence line still intact.
Therefore, while there is a possibility of a short term rally to confirm the previous rising support line as resistance, the long term trend has yet to be determined.
FUN / USDT 2-hour chart | Source: TradingView
FUN / BTC
Trader @thebull_crypto sketched a FUN / BTC chart and said a horizontal retracement of 60 satoshi could be the catalyst for a significant move higher.
The source: Twitter
FUN / BTC’s weekly chart actually looks more bullish than its USD pair.
The token broke the long-term descending resistance line and then confirmed it as support (green symbol).
While the MACD and RSI provide relatively neutral indicators, the price action looks bullish.
The next resistance range is 100 satoshis. A breakout above it could trigger a strong upward move.
Weekly FUN / BTC Chart | Source: TradingView
You can find the FUN prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto