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Highlights
- FUNToken price nears $0.01 after a 189% weekly surge.
- Bullish indicators suggest continued momentum despite overbought conditions.
- On-chain metrics show rising network growth and increasing long positions.
The crypto market is somewhat at a standstill over the past few days as major cryptos registered marginal price movements. However, while large market cap cryptos struggle to lift their prices, FUNToken chose to follow a different route. Notably, in the last seven days alone, FUN price registered a whopping 189% increase. Though this growth might give a notion of a few slow-moving days going forward, the reality might be different. Ergo, let’s take a closer look at what FUNToken is up to.
FUNToken price reaches a resistance
After this massive triple digit growth last week, FUNToken price now sits at $0.0098, pushing its market capitalization to over $107 million. Thanks to this, FUN price is now near its major $0.01 resistance. Over the past 2 days, the token has been trying to break above that barrier. Though that hasn’t happened yet, but things can turn in FUN’s favor quickly. In fact, a key technical indicator suggested that the chances of FUNToken price crossing $0.01 are high. The technical indicator MACD displayed a clear bullish upper hand in the market, which can soon translate into a continued price surge.
There is a catch!
Nonetheless, as the crypto market is infamous for its unpredictability, no price movements can be anticipated with utmost certainty. For example, the Relative Strength Index (RSI) had a reading of 85.4—signaling that FUNToken was in the overbought zone. Because of this, investors might load off their holdings to earn profit, which can have a negative impact on the token’s price.
What on-chain metrics suggest
On-chain data shows that investors might have started to sell their holdings. As per Santiment, a data analytics platform, FUNToken’s supply on exchanges increased slightly while its supply outside of exchanges dipped. This means that selling pressure is high, which often results in price drops.
However, FUN’s network growth increased sharply, suggesting that more new addresses were used to transfer the token. Coinglass’ data relieved yet another optimistic metric. FUNToken’s long/short ratio remained high in the 12-hour time frame—a sign of more long positions in the market than short positions.
Therefore, if the bullish momentum lasts, then it won’t be surprising to see FUNToken price crossing $0.01 mark and reach new highs. But, if the bears’ takeover, then its price might first plummet to its support near $0.006 before gaining upward momentum again,
Conclusion—Will FUNToken price remian bullish?
FUNToken price is showing strong bullish signals, with key indicators and metrics hinting at continued upward momentum. While the $0.01 resistance poses a short-term challenge, sustained investor interest and network growth may fuel further gains. Still, traders should remain cautious, as overbought conditions could trigger a temporary correction.
Frequently Asked Questions (FAQs)
1. What is driving the recent surge in FUNToken price?
2. Is FUNToken expected to break the $0.01 resistance level soon?
3. Are there any risks to FUNToken's current rally?
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