TLDR
- FARTCOIN has seen a 100% price increase in the past week, reaching $0.58
- Technical indicators show it’s currently overbought, suggesting a possible pullback
- Despite being overbought, bullish momentum continues according to MACD
- A whale recently dumped 3.5 million FARTCOIN tokens worth $1.87 million
- The price is currently around $0.52-$0.54, down 6.7% in 24 hours
FARTCOIN surged 100% in seven days, making it the top performer among the top 300 cryptocurrencies.
The token reached a peak of $0.58 before showing signs of a pullback. As of the latest data, it’s trading around $0.52-$0.54, representing a decline of about 6.7% in the last 24 hours.
This recent price drop appears to be connected to significant whale activity in the market. Data shows that a whale sold 3.5 million FARTCOIN tokens for $1.87 million at an average price of $0.53.
FARTCOIN Price
Such a large sale has created selling pressure in the market. When large holders sell substantial amounts of tokens, it often leads to price decreases as supply temporarily exceeds demand.
Technical Analysis
Technical indicators present a mixed picture for FARTCOIN’s future price movement. The Money Flow Index (MFI) reading has risen to 83.08, placing the token firmly in overbought territory.
When an asset is overbought, it typically suggests that a price correction may be forthcoming. Traders often see this as a signal that the asset might be due for a short-term drop.
However, not all indicators point downward. The Moving Average Convergence Divergence (MACD) shows that momentum remains bullish despite the overbought conditions.
On the daily chart, the 12 EMA (blue) continues to hold above the 26 EMA (orange). This positioning suggests that after the current minor setback, FARTCOIN’s price might resume its upward trajectory.
The token’s price is currently trading above both the 20 EMA and 50 EMA. This positioning generally indicates a bullish trend as long as the price stays above these key levels.
If the bullish momentum continues, FARTCOIN could potentially retest the 0.786 Fibonacci level at $0.70. Success at this level might open the path toward the $1.13 mark, near the 0.618 Fibonacci level.
Remains Below ATH
The token has recovered from previous lows but remains well below its all-time high. FARTCOIN previously fell 90% from its peak of $2.70, which it reached after launching in October last year.
During its initial rise, FARTCOIN’s market capitalization grew from less than $22 million shortly after launch to over $2.4 billion. Its current market cap stands at approximately $510 million.
The current price action appears to be forming a rounded bottom pattern on the daily chart. This pattern is characterized by a gradual, U-shaped curve that often signals a shift in market sentiment as selling pressure eases.
Despite these positive signals, there are also bearish indicators to consider. The token is moving within a descending triangle pattern, which typically suggests a potential continuation of a downward trend.
The weighted sentiment for FARTCOIN is currently negative (-0.41169), indicating a bearish outlook among investors. This negative sentiment reflects decreased market confidence in the token’s short-term prospects.
Additionally, open interest on FARTCOIN dropped by 10.35% over the past 24 hours. This decline suggests diminishing community interest, as traders appear hesitant to create new positions due to market volatility.
FARTCOIN’s price movements are occurring against the backdrop of a broader recovery in the crypto market. Bitcoin has crossed $88,000, while Ethereum has moved above $2,000, contributing to a total cryptocurrency market capitalization of $2.87 trillion.
The memecoin sector on the Solana blockchain, where FARTCOIN is the third-largest player, has seen overall growth. The market cap of all Solana meme coins has increased from $7.5 billion last week to $8.6 billion today.
