The cryptocurrency market is experiencing a correction following the previous rally, while Fartcoin shows an upward trend.
Market Overview
The cryptocurrency market is taking a brief pause following a significant rally, during which Ethereum (ETH) slipped over 3.5% after a 24% gain over the past week. Most major memecoins also show signs of cooling off.
ABCD Harmonic Pattern and Its Significance
Fartcoin has seen a 5% increase in the last 24 hours, extending its monthly gains to 31%. A harmonic ABCD pattern is forming on the daily chart, indicating that the current uptrend may continue. The pattern began in April at point A at $0.3551, rallied to point B, retraced to point C near $0.7930 in late June, and has since surged towards $1.62.
Outlook for Fartcoin
If the bullish setup unfolds, Fartcoin could rally another 28%, reaching the Potential Reversal Zone (PRZ) at $2.08. This zone may act as significant resistance, where some traders might look to secure profits. For confirmation, Fartcoin must continue to hold above the 100-day moving average (MA) at around $1.1692, which now serves as a critical support line.
With the broader crypto sentiment still leaning bullish, and Fartcoin forming a clear harmonic setup, it remains one of the most promising technical plays to watch in the days ahead.
