TLDR
- FARTCOIN price increased by 100% in the past week, reaching a peak of $0.58
- The memecoin is currently overbought with MFI at 83.08, suggesting a potential short-term pullback
- Technical indicators including MACD show bullish momentum continues despite being overbought
- It has formed a rounded bottom pattern, signaling a possible continued uptrend
- The price target for FARTCOIN is around $0.70 in the near term, with potential to test $1 if momentum sustains
Recent Price Action
FARTCOIN has become the highest gainer among the top 300 cryptocurrencies. The price has jumped 100% over the past seven days, reaching as high as $0.58.
The current trading price hovers around $0.54. This comes after a minor 2.67% decrease in the last 24 hours.
FARTCOIN previously fell 90% from its all-time high. Now the memecoin appears to be staging a recovery as it aims to reclaim previous levels.
The price increase has pushed FARTCOIN’s market cap to $510 million. This makes it the third-biggest meme coin in the Solana ecosystem.
Technical Indicators
The Money Flow Index (MFI) for FARTCOIN has risen to 83.08. This indicates the token is in overbought territory.
MFI readings above 80 typically suggest a potential pullback. This could explain the recent minor price drop.
Despite being overbought, the Moving Average Convergence Divergence (MACD) shows continued bullish momentum. The 12 EMA remains above the 26 EMA on the daily chart.
The price has risen above both the 20 EMA and 50 EMA. This confirms the strong uptrend as long as the price maintains these levels.
FARTCOIN has formed a rounded bottom pattern on the daily chart. This U-shaped curve often signals a shift in market sentiment as selling pressure eases.
Market Context
The FARTCOIN rally comes amid a broader recovery in Solana-based meme coins. Other tokens like Bonk, Dogwifhat, and Popcat have seen gains between 20-35% in the past week.
The total market cap of Solana meme coins has increased from $7.5 billion to $8.6 billion. This shows growing interest in this segment of the crypto market.
The wider crypto market has also been performing well. Bitcoin crossed $88,000 while Ethereum moved above $2,000.
Reports suggesting Donald Trump’s reciprocal tariffs would exclude industrial items helped boost market sentiment. This news also lifted U.S. stock markets on Monday.
Price Targets
If the bullish momentum continues, FARTCOIN could retest the 0.786 Fibonacci level at $0.70. This would be the next resistance level to watch.
Beyond that, the price could target around $1.13 near the 0.618 Fibonacci level. Some analysts suggest a potential target at $1.37, the 50% retracement point.
This would represent a 135% gain from current levels. However, it remains uncertain if FARTCOIN could climb back to its all-time high from this position.
In a bearish scenario, if profit-taking intensifies, FARTCOIN might experience another correction. A drop toward the $0.15 mark could occur if support levels fail.
FARTCOIN launched in October last year and was one of the best-performing meme coins. It jumped from $0.012 to $2.70, with its market cap reaching over $2.4 billion.
The recent bottom was at $0.2015 this month before starting its current recovery. The current price represents a 180% increase from its yearly low.
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