In yesterday’s trading session, FEG Coin surged by 37 percent, marking one of its best days in the market in recent months. However, today’s session looks set to wipe yesterday’s gain and resume the long-term bearish trend that has seen the FEG coin drop by 65 percent this month.
Looking at the data from the past few weeks, the Feed Every Gorilla (FEG) coin has been embroiled in controversies, including their most recent cybersecurity issue. According to reports from Mid-May, the FEG coin was compromised using its Swap2Swap functionality. The reports shows that hackers were able to empty entire contracts. There were also indications of loss of millions of dollars of investors’ money.
FEG Coin is down by 12 percent in today’s trading session. This is despite having one of its best days in the markets yesterday, where it rose by 37 percent. Today’s drop is an indication that the cryptocurrency may be resuming its long-term bearish move.
Looking at the chart below, the prices recently set a new price low of 4.6e-10 two day’s ago. However, the prices failed to break to the downside of the support level. This resulted in prices starting a bull run in the late session, which continued into yesterday’s session. However, the resumption of the bearish trend indicates there is a very high likelihood that we will see the prices breaking the recent support level of 4.6e-10.
Therefore, my FEG coin price prediction expects new price lows to be set in the coming trading sessions. The prices are likely to fall below the 4.6e-10 support level. Based on the chart below, it also appears highly likely that the recent price surge was a bearish flag signal, not a reversal signal.
However, if the prices close above yesterday’s closing price of 7.7e-10, then my analysis will be invalidated. It will also give credence to a long-term bullish move. The closing price will also indicate a likely price reversal in the offing.
This post was last modified on %s = human-readable time difference 08:37