Fartcoin, a meme-based cryptocurrency, has entered a corrective phase after a sharp rejection from the $1.64 resistance level. This article examines current price levels and forecasts.
Sharp Rejection from $1.64
Earlier this week, Fartcoin faced a sharp rejection from the key resistance level at $1.64. This movement was caused by a classic liquidity grab, where the price exceeded the previous high and then sharply reversed. The current price of Fartcoin stands at $1.31, down 7.1% from the previous day's close.
Key Support at $1.05
Analysts point to the support level at $1.05 as likely to attract further retracement. This level coincides with the point of control and the 0.618 Fibonacci level, making it significant for potential recovery. If the price bounces from this area, it could push towards higher price levels.
Price Action Forecast
The market remains under pressure until Fartcoin reaches and successfully tests the support level at $1.05. If this level fails to hold, further retracement towards $0.90 or even a revisit to the previous low could be possible. Traders are advised to exercise caution and not enter positions until support is confirmed.
The current fluctuations in Fartcoin highlight the need for careful analysis of support and resistance levels. The $1.05 level will be crucial for the cryptocurrency's next moves.
