Fasttoken Price Surges Despite Market Downturn, Analysts Note Divergence Between Price and Open Interest Contracts

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.

Cryptocurrency Fasttoken price continued to rise on Friday, hitting an all-time high as broader markets remained largely bearish.

Bitcoin and Ethereum prices recovered from recent losses, rising over 4% intraday to indicate signs of recovery. At the last check, Bitcoin price was hovering close to $57,370 (roughly Rs. 43.3 lakhs), whereas Ethereum price was exchanging hands close to $2,450 (roughly Rs. 1.84 lakhs).

Fasttoken price rose marginally by 0.66% to reach $2.52 (roughly Rs. 189) at the time of writing, as per Gadgets 360 crypto price tracker. In the last 24 hours, the crypto witnessed a minimum and maximum price of $2.47 (roughly Rs. 185) and $2.53 (roughly Rs. 189), respectively.

FTN price also noted a divergence between the Fasttoken price and Open interest data, which adds the risk of a selloff, an analyst noted.

However, few analysts correlate it with further development in the broader market.

Why is Fasttoken Price Rising?

Despite the broader market downturn, Fasttoken price resumed growth to hit an all-time high on Friday.

However, Bitcoin and Ethereum price made a strong rebound, rising over 4% to indicate signs of recovery intraday. At the time of writing, Bitcoin was trading close to $57,370 (roughly Rs. 43.3 lakhs), whereas Ethereum was exchanging hands close to $2,450 (roughly Rs. 1.84 lakhs).

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Divergence Between FTN Price And OI Could Trigger Selloff

Despite a strong trend in the Fasttoken price, analysts have noted a divergence between the FTN price and Open interest data which could trigger a selloff.

As per analysts, there has been a notable drop in the OI data with the price remaining constant in the last couple of sessions.

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 is at record highs. Hence, from a price point of view, the analyst’s view is bullish at the moment.

Recently, Fasttoken price noted a strong rise of nearly 9% from $2.27 to $2.52. On the lower side, if FTN dips below 50% of the recent uptrend i.e. if the price slumps below the $2.42, it may indicate a weakness.

On the contrary, until the crypto is maintained above the $2.42 level, it may continue to conquer higher levels. Also, FTN is maintained above the key 20, 50 and 200 day EMAs, suggesting a bullish outlook.

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