Fartcoin Prices Soaring: 21% Increase Suggests Potential for Further Crypto Growth
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The price of Fartcoin shot up 21% in the previous 24 hours, trading at $1.24 as of 1:36 a.m. EST. The trading volume soared a whopping 79% to reach $259 million.
Fartcoin Recovering and Steadying Upwards
A quick look at the daily chart reveals that Fartcoin has seen a remarkable transformation from a prolonged accumulation phase to a convincing breakout followed by a correction phase.
After hitting a low of around $0.20 in March, Fartcoin embarked on a powerful rally, reaching a high of approximately $2.79, only to retreat. As of now, Fartcoin is trading at about $1.2459, hinting at a phase of stabilization and a newfound interest among buyers, according to GeckoTerminal data.
A noticeable rising channel formed when the uptrend from March to May was recently breached to the downside, signaling a correction.
However, the price of Fartcoin has found strong support in the $1.0 to $1.12 region. This support closely aligns with the 0.618 Fibonacci retracement level and a well-defined demand zone.
With Fartcoin now inching slightly above the 50-day Simple Moving Average (SMA), it's clear the bulls are gaining some strength.
Meanwhile, the Relative Strength Index (RSI) stands at 54.32, indicating a shift from previous oversold conditions to a neutral-to-bullish territory. This indicates that the recent surge has some grit, but there's still room for further growth.
Additionally, the Moving Average Convergence Divergence (MACD) lines are converging, with the blue MACD line just crossing slightly above the orange signal line. This early bullish crossover suggests that bearish momentum may be waning, and a potential bullish reversal might be in the works.
Fartcoin Price Forecast
Fartcoin appears to be exiting a healthy correction phase and is once again setting up for a bullish run.
The successful defense of the 0.618 Fibonacci support zone and the reclaiming of the 50-day SMA show that buyers are dramatically increasing their positions.
If uptrend continues and the MACD crossover holds, Fartcoin could challenge the 0.5 Fib level at $1.43 in the short term. However, if Fartcoin fails to hold above the $1.20 zone, this bullish outlook might be compromised, potentially leading the price back to $1.11 or lower.
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