FasttokenLong
Fasttoken Achieves New Highs Despite Broader Market Challenges
Fasttoken Achieves New Highs Despite Broader Market Challenges
Meta Description: Despite the recent bloodbath in the broader markets, Fasttoken price has surged to record highs.
Fasttoken price has surged to record highs despite recent crashes in the broader markets.
The analysts have noted a divergence between Fasttoken price and Open interest contracts indicating a selloff.
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% a week and Ethereum was down 24% a week.
Despite the recent bloodbath in the broader markets, Fasttoken kept on rising continuously 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.
However, The analysts have noted a divergence between Fasttoken price and Open interest contracts which adds the risk of a selloff ahead. However, few analysts correlate it with the further development in the broader market.
Why Is Fasttoken Price Rising?
Despite the significant downturn in the broader market, Fasttoken has resumed its growth to reach an All time high. However, Bitcoin and Ethereum have made a strong rebound rising over 4% indicating signs of recovery in intraday. At the time of writing, Bitcoin was hovering close to 57.37K, whereas Ethereum was exchanging hands close to $2450.
x.com/fasttoken_com/status/1819377844167774321
Moreover, the recent price increase in Fasttoken seems to be derived by several factors. The Fastex platform offers a range of Web3 solutions, including Fastex Exchange, Fastex Pay, and Fastex Wallet, which enhance FTN's utility in digital applications like DeFi and payments.
Additionally, the Proof of Stake and Activity (PoSA) consensus mechanism on the Bahamut blockchain boosts network security and efficiency. This system maintains network integrity and encourages user participation, supporting the platform's ability to handle a growing number of decentralized applications (dApps).
Divergence Between FTN Price And OI Could Trigger Selloff
Despite a strong trend in the Fasttoken price, the analysts have noted a divergence between the FTN price and Open interest data which could trigger a selloff. As per the analysts, there has been a notable drop in the OI data with the price remaining constant in the last couple of sessions.
<iframe title="Santiment Chart: Total Open Interest in USD (FTN), Price (FTN)" width="800" height="425" src="embed.santiment.net/chart?ps=fasttoken&pt=FTN&df=2024-07-07T18:30:01.908Z&dt=2024-08-08T18:29:59.908Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
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 currently trades at record highs. Hence from a price point of view, the analyst's view is bullish at the moment.
Recently, Fasttoken has noted a strong rise of nearly 9% from $2.27 to $2.52. On the lower side, if FTN price dips below the 50% of the recent uptrend i.e. if the price slumps below the $2.42, it may indicate a weakness over the daily chart.
On the contrary, until the crypto is maintained above the $2.42 level it may continue to conquer higher levels. Also, FTN price is maintained above the key exponential moving averages of 20, 50 and 200 days suggesting a bullish outlook.
Meta Description: Despite the recent bloodbath in the broader markets, Fasttoken price has surged to record highs.
Fasttoken price has surged to record highs despite recent crashes in the broader markets.
The analysts have noted a divergence between Fasttoken price and Open interest contracts indicating a selloff.
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% a week and Ethereum was down 24% a week.
Despite the recent bloodbath in the broader markets, Fasttoken kept on rising continuously 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.
However, The analysts have noted a divergence between Fasttoken price and Open interest contracts which adds the risk of a selloff ahead. However, few analysts correlate it with the further development in the broader market.
Why Is Fasttoken Price Rising?
Despite the significant downturn in the broader market, Fasttoken has resumed its growth to reach an All time high. However, Bitcoin and Ethereum have made a strong rebound rising over 4% indicating signs of recovery in intraday. At the time of writing, Bitcoin was hovering close to 57.37K, whereas Ethereum was exchanging hands close to $2450.
x.com/fasttoken_com/status/1819377844167774321
Moreover, the recent price increase in Fasttoken seems to be derived by several factors. The Fastex platform offers a range of Web3 solutions, including Fastex Exchange, Fastex Pay, and Fastex Wallet, which enhance FTN's utility in digital applications like DeFi and payments.
Additionally, the Proof of Stake and Activity (PoSA) consensus mechanism on the Bahamut blockchain boosts network security and efficiency. This system maintains network integrity and encourages user participation, supporting the platform's ability to handle a growing number of decentralized applications (dApps).
Divergence Between FTN Price And OI Could Trigger Selloff
Despite a strong trend in the Fasttoken price, the analysts have noted a divergence between the FTN price and Open interest data which could trigger a selloff. As per the analysts, there has been a notable drop in the OI data with the price remaining constant in the last couple of sessions.
<iframe title="Santiment Chart: Total Open Interest in USD (FTN), Price (FTN)" width="800" height="425" src="embed.santiment.net/chart?ps=fasttoken&pt=FTN&df=2024-07-07T18:30:01.908Z&dt=2024-08-08T18:29:59.908Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
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 currently trades at record highs. Hence from a price point of view, the analyst's view is bullish at the moment.
Recently, Fasttoken has noted a strong rise of nearly 9% from $2.27 to $2.52. On the lower side, if FTN price dips below the 50% of the recent uptrend i.e. if the price slumps below the $2.42, it may indicate a weakness over the daily chart.
On the contrary, until the crypto is maintained above the $2.42 level it may continue to conquer higher levels. Also, FTN price is maintained above the key exponential moving averages of 20, 50 and 200 days suggesting a bullish outlook.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.