FuturoCoin: What Has Happened?
FuturoCoin (FTO) has been very interesting cryptocurrency. It made news when the digital coin became a sponsor of an F1 team. However, it has struggled to stabilize the price.
Yesterday, we analyzed Binance Coin, one of the best performing cryptocurrencies in the industry. Today, we have something from the other side of the fence. FuturoCoin has been losing on its price. Is there any hope to pick up a little?
Not very good months
Behind us another unfavorable month for investors worldwide, and moods on the FTOBTC market are far from ideal. Due to the significant quotation swings on May 31, FTOBTC generated another sale signal at 0.00017000.
Despite an attempt to abreact, there is a weakness period on the market, and the trend is still downward. What is more, FTOBTC remains at the lowest levels. The recent slowdown and movement towards the horizontal trend seem to be a natural phenomenon.
The break or breakdown?
After breaking the long-term downward trendline, the investors should look for the local trough, as a place to invest in FTO. At the moment, the market is still noting the drops. The climate at the beginning of June is as it is. Yet, it is hard to assume that the falling will continue unless there is some breakdown. No one expects such a scenario, although the market does not currently provide signals to reverse the trend.
Analyzing the smaller interval on FTOBTC, we can see that another resistances are lower and lower, which is characteristic for the downtrend. Currently, the exchange rate oscillates at minimums, and there are no significant visible signals of change in the direction of movement. If FTOBTC does not get any increase signal, we can expect dropping to about 0.00016000 and waiting for the demand impulse. The activation of the buyers’ side could lead the exchange rate to the upper trendline, which is 0.00025000. Then we could start looking for technical possibilities of forcing this resistance, and further increases. Observing, as humbly and laboriously the FTOBTC rate moves in its motion compared with other cryptocurrencies, we can see that the space for significant increases is, for now, the unsurpassed scenario.
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