Feathercoin is our next crypto in today’s analysis. Market cap of the FTC is much smaller than the Zcoin, which we also wrote about today and is around 36.8 millions USD. What I like about the Feathercoin is that despite the low liquidity, it respects the technical analysis principles a lot.
A quick look into the technical situation of FTC.
Most of the altcoin look the same. Huge upswing in December and huge drop since the middle of January. Feathercoin has it too but the March price swings look a bit different. What we have here is a flag formation (blue lines), which was a very technical correction but in the same time an invitation to go south (after the breakout of the lower blue line). What is more, FTC had a false breakout (green rectangle) above the 0.25 resistance (black). False breakouts usually result in the movement in the opposite direction and that is what we are having now.
The last hope for the FTC is the long-term up trendline (green) but when we look into the big picture on cryptos, we see that this one should also be broken soon. The target for the Feathercoin is the area around the 0.07 USD (red).