This week, the cryptocurrency market has faced a major setback, negatively affecting the value of several memecoins, including Fartcoin.
General Information on Fartcoin
As of the time of this report, Fartcoin's price has dropped 9% over the past 24 hours, with a trading volume of $243.03 million, reflecting a 37.95% increase from the previous period. The memecoin has lost 21.65% over the past week and 33.97% in the last 30 days.
Technical Analysis
The Fartcoin price chart indicates that it had formed an expanding channel, but due to increasing selling pressure, the memecoin broke down this trend pattern for the first time since mid-March, leading to a retest of its critical support zone around the $0.90 mark.
Price Forecasts and Support Levels
The MACD indicator shows a rising red histogram on the daily timeframe, suggesting a bearish convergence of the 12-day and 26-day moving averages. This trend indicates an increase in bearish momentum for the Fartcoin memecoin in the near future. The price could retest the $1 mark if bulls regain momentum. However, if bears maintain dominance, Fartcoin's price might drop to $0.88, potentially reaching its lower support level of $0.6575.
The recent fluctuations in the crypto market have significantly impacted Fartcoin. The coin could recover if the market shifts back to a bullish trend, but continued bearish pressure may lead to further declines.
