Cryptocurrency
by Alex Davies on November 2, 2018

Fusion Analysis – one of the best-performing cryptos right now

Fusion is a new cryptocurrency that behaved typically of other releases of digital coins. During the first few days of the launch, the price increased as the launch campaign along with short-term growth expectations were strong. After that, the value of the coin plummeted quickly and canceled out all the gains of the first days, dropping way further than the starting price.

Fusion Analysis - one of the best-performing cryptos right now

After the price reached a certain level, it started to trace out a descending triangle pattern, which is demonstrated on the graph with blue and orange lines. We expected the price to break the support line and have a bearish breakout, but the technical pattern was denied and the price broker the resistance shown in blue instead. This suggests, that a price increase is likely. Fusion has already had an increase of 7%, which makes it one of the best cryptocurrencies on the market today. According to our analysis, there is no reason why we should see a reversal in the trend. Instead, we are taking a bullish stance on the coin and expect it to go up, at least in the short-term.

 

By Alex Davies

Alex Davies is a long-time trader with a background in statistical analysis. Davies has worked as a financial analyst since 2014 and has been writing technical analyses for various publications since 2015. Davies writes on different financial instruments including stocks, cryptocurrencies and currency pairs.

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