As Q3 begins, the cryptocurrency market continues its impressive rally, with Ethereum showing strong performance. Meanwhile, Fartcoin faces challenges.
Overview of the Cryptocurrency Market
The cryptocurrency market continues its impressive rally which started in Q2. Ethereum (ETH) leads the way, trading near $2,615 and up 6% in the last 7 days. Several altcoins and memecoins are also looking to strengthen.
Comparison of Fartcoin and HYPE
An unusual outlier is Fartcoin (FARTCOIN), which is showing negative results. When comparing the 4-hour charts of HYPE and FARTCOIN, a similar movement structure is visible. HYPE recently experienced a breakdown from a comparable level, finding support at the 100-period moving average, which led to a short-term bounce. Now, FARTCOIN shows a similar movement, breaking through a similar structure and landing near the 100 MA support.
Future Prospects of Fartcoin
If FARTCOIN continues to mimic HYPE's movement, a bounce from this support zone toward the resistance trendline around $1.15 may occur. However, a breakdown below the $1.00 support would confirm continued weakness and the risk of further declines, especially if the price drops below $0.95 and $0.93.
In conclusion, the current situation in the cryptocurrency market draws attention to both Ethereum's rise and Fartcoin's instability. Investors should closely monitor further developments.
