In the world of cryptocurrency, there is a constant search for the next big thing. Investors and traders are always on the lookout for tokens that have the potential to skyrocket in value. One such token that has been gaining significant attention lately is FWEN. With a surge of over 1,000% in on-chain trading, FWEN has become a hot topic among market enthusiasts.
The FWEN token is linked to Friend-Tech, a popular platform that recently launched its own airdrop. This airdrop has been distributing supply in 10% increments, creating a sense of excitement and anticipation among users. Today, a posited next-round of the airdrop is expected to take place, further adding to the enthusiasm surrounding FWEN.
As FWEN continues to gather momentum, there is speculation about an upcoming bridge launch. This launch will enable FWEN’s offering to expand to include ETH-BASE token bridging. This development has the potential to increase FWEN’s reach and attract even more users to the platform.
Despite the recent surge in price, FWEN has managed to consolidate its gains and establish a solid footing. Bulls have defended the token, leading to a current market price of $0.051961, representing a remarkable 24-hour change of +947%. This consolidation indicates a healthy market and sets the stage for further growth.
The explosive token launch on October 1 was a pivotal moment for FWEN. Within just five hours, the price skyrocketed by an astonishing 2,055%, reaching an all-time high of $0.054300. While there has been a localized retracement as early backers take profit, strong support has been established at $0.051760, paving the way for a potential rally in the near future.
The growing interest in FWEN is evident through the strong buy pressure driving its price action. Buys currently account for 62% of transactions, unleashing sensational trading volume of over $5.18 million in the past 24 hours. This surge in volume has boosted FWEN’s market capitalization to $1.48 million, further solidifying its position in the market.
With an unbreakable support level at $0.051760 established over 12 hours of consolidation, FWEN is poised to continue its upward trajectory. As Monday markets open, the token has a potential upside target of $0.053240, representing a possible 65% increase from its current price. On the downside, the risk is limited by lower support at $0.051760, with a potential decline of only 10.36%.
Considering the current risk-to-reward ratio of 6.33, FWEN presents a promising opportunity for those looking to enter the emerging ETH-BASE bridge market. However, it’s important to keep in mind the inherent risks associated with investing in cryptocurrencies.