FEG Coin price has not been doing great in the last few days. In the last 24 hours, the token has lost over 7 per cent of its value, an indication of the weakening condition it is currently undergoing.
FEG Token markets itself as a decentralized transaction network that can operate on both the Ethereum and Binance Smart Chains. The cryptocurrency is a hyper-deflationary, community-driven governance token that charges two per cent tax per transaction.
Today, the cryptocurrency has a market capitalization of over $120 million. However, the token’s daily traded volume is low compared to other cryptocurrencies. For instance, in the last 24 hours, FEG con has only recorded $992 million worth of transactions. On the other hand, the daily trading volume can reach over $100 million for most performing tokens.
Before starting to invest in FEG, it is also important to note that the current circulation of the cryptocurrency is over 41 quadrillion. Such a massive supply of the cryptocurrency makes it very hard to become volatile. It also makes it hard to ever trade at $0.01.
This is because, at such supply levels, trading at such a price could mean taking up almost 50 per cent of the cryptocurrency market capitalization, which is impossible for the token. The high supply and low trading volumes also make it impossible for the prices to rise significantly over time.
FEG Coin prices have had three consecutive trading days of losses this week. In today’s trading session, the token has already lost almost four per cent of its value. Looking at the daily chart below, we see that the prices are trading at 2.9X10-9.
We can also see that the current price drop has good momentum, a clear indication that the downward trend is likely to continue. Therefore, my FEG price prediction is the prices will hit 2.2X 10-9 in the coming days. There is also a high likelihood that the prices may drop past the 2.2X 10-9 support level.
This post was last modified on Apr 06, 2022, 16:12 BST 16:12