FartCoin, a cryptocurrency based on the Solana blockchain, is showing significant decline after a sharp correction triggered by a bounce from the $1.64 resistance level.
FartCoin's Correction After Sharp Rejection
Last week, FartCoin fell by 7.1%, trading around $1.31 after a sharp rejection from the $1.64 resistance level. This drop occurred as bearish momentum intensified.
Critical Support Level at $1.05
Technical indicators point to $1.05 as the next major support. This level is significant due to its alignment with the point of control (POC), the 0.618 Fibonacci retracement, and a high time frame support zone. These overlapping technical levels often attract price action in a corrective market phase.
Possible Range Formation If Support Breaks
If the $1.05 level fails to hold, it could lead to further losses. A deeper retracement toward $0.90 may follow, potentially forming a broader trading range between $0.90 and $1.64. Market participants are monitoring this development closely.
In the current scenario, the bearish trend remains active, and it is crucial to defend the $1.05 support level to preserve the potential for recovery.
