Feathercoin Drifts Back to Key Support Level as it Underperforms

Since hitting 1-month highs beyond 0.55 mBTC to start the new year, feathercoin (FTC) has steadily dropped and is coming

Since hitting 1-month highs beyond 0.55 mBTC to start the new year, feathercoin (FTC) has steadily dropped and is coming precariously close to breaking through its 0.38 mBTC support level. It has lost 27% of its value since establishing a peak to start the new year.

BTC/FTC 1-month chart. Chart source: Cryptocoincharts
BTC/FTC 1-month chart. Chart source: Cryptocoincharts

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It has also crossed over its 10-day moving average, which now stands at 0.43 mBTC.

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Should it break through its 0.38 mBTC threshold, which it has now held for 6 weeks, there is a risk of it revisiting lows of 0.2 mBTC briefly experienced in mid-November. However, unless a fundamental falling-out with the cryptocurrency is taking place, it is likely to recover back toward current levels. The all-time lows experienced appear to have arisen from volatile trade specifically in BTC and digital currencies in general during BTC’s run up in November.

If a fundamental falling-out does happen, expect FTC to reside at low levels for prolonged periods and gradually drift lower until fundamental stability is reestablished. Based on a 6-month view of price movements, the cryptocurrency is well below its levels initially recorded in trade with BTC, unlike many of its peers who have shown the opposite behavior.

BTC/FTC 1-month chart. Chart source: Cryptocoincharts
BTC/FTC 1-month chart. Chart source: Cryptocoincharts

The cryptocurrency currently has a market cap of $10M.

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