FunFair might be at the bottom

Viktor Karapetjanc Crypto Post

In May, FunFair broke below the ascending channel that has resulting in further decline. Overall, price went from $0.06 down to $0.027 in just one month, loosing 55% to the USD.

Fibonacci applied to the corrective wave up, after the ascending channel breakout shows, that 227.2% retracement level is the nearest support for FUN/USD. Today, FunFair has tested the support as well as the lower trendline of the descending channel.

This support area could be the are of interest for buyers, that might potentially reverse the trend to the upside. Now it is a little too early to talk about the uptrend with confidence, but if the downtrend trendline is broken, the probability of trend reversal will become much more probable. On the other hand, if FunFair will break below the support, the downtrend continuation might take place.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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