Cryptocurrency FARTCOIN rises by 20% in a day, now trading at $1.46 or equivalent to $1.08; wondering about its future prospects?
Title: Fartcoin Soars: Can it Reach $1.46?
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- FARTCOIN skyrockets 20.29% in 24 hours!
- Is FARTCOIN bound for $1.46 soon?
In the bustling crypto market, with Bitcoin [BTC] surging past $110k, memecoins have become the star performers.
Fartcoin [FARTCOIN] has been no exception, breaking out of a downward trend. At the moment, FARTCOIN is trading at $1.24, recording a remarkable 20.29% increase in just 24 hours.
Concurrently, FARTCOIN saw an impressive 78% rise in trading volume, hitting $252.3 million – a clear indication of strong demand.
This surge has attracted FOMO buyers and speculators, who are purchasing FARTCOIN in anticipation of the market's next move.
According to CoinGlass, thenegative netflow suggests that exchanges are witnessing more outflows than inflows, indicating high demand.
Simultaneously, the increased demand has led investors to enter the Futures market and adopt long positions. As a result, Open Interest has leaped by 20.2%, reaching $725.5 million at the press time.
Source: Coinalyze
Looking ahead, the obdurate Funding Rate has maintained its position in positive territory for the last seven days. This indicates that investors have a bullish bias, expecting prices to rise even further.
A majority of investors, 56.3%, were long at the time of writing, while 46% were shorts, according to Coinalyze.
With demand escalating, the current market situation could propel FARTCOIN to achieve more gains. The question now is – can FARTCOIN hold onto its momentum and challenge the higher resistance?
Will FARTCOIN maintain its upward trend?
Our analysis reveals that FARTCOIN is currently experiencing strong demand, with the market sentiment dramatically shifting towards bullishness.
The MACD made a bullish crossover over the past day, indicating a robust uptrend. A bullish crossover here suggests that FARTCOIN is closing with highs, and the positive trend is likely to continue.
Source: Trading View
If the current market conditions persist, FARTCOIN's upward trajectory is likely to continue, and it might challenge the $1.4 resistance in the near future. To break out of the downward channel, FARTCOIN needs to surpass $1.46.
However, it's worth noting that after hitting $1.24, a sizable number of holders who had previously been underwater have once again realized profits. This could potentially motivate them to liquidate their holdings.
If holders choose to cash out, the market may face a correction, and a drop to $1.085 could be unavoidable.
Stay tuned for more insights and updates on FARTCOIN's price movements!
Additional Insights
- FARTCOIN's recent surge was primarily driven by Coinbase's decision to list the token, which boosted market sentiment and exposure [1]
- Despite the increase, FARTCOIN remains about 49% below its monthly peak of $1.55 from January 20th, suggesting room for upward recovery [1]
- Technical indicators such as the Relative Strength Index (RSI) show that FARTCOIN is approaching overbought territory on short-term charts yet has bounced back from oversold conditions in late May [1][2]
- A TD Sequential buy signal and potential RSI breakout from a downtrend support the possibility of a price increase towards $1.48 in the near term [2]
References[1] Blockworks. (2022, June 10). Fartcoin prices soar after Coinbase listing. https://www.theblockcrypto.com/post/119270/fartcoin-prices-soar-after-coinbase-listing[2] NewsBTC. (2022, June 10). FART Face/Off – FART Prices, Technical Analysis, and Market Sentiment Explained. https://www.newsbtc.com/analysis/crypto/fart-faceoff-fart-prices-technical-analysis-and-market-sentiment-explained/[3] Coingape. (2022, June 10). Fartcoin [FART] Price Prediction: Where is FART going next? Observe credible FART forecasts here. https://coingape.com/fart-price-prediction/[4] Coinpedia. (2022, June 10). FART Price Analysis 10 Jun 2022: Hands Off FARTcoin - Will It Hit $1.31 or $0.83. https://coinpedia.org/price-prediction/fart-price-prediction/
- The sudden rise in Fartcoin's [FARTCOIN] value, up by 20.29% in 24 hours, has highlighted the volatile nature of the crypto market, where even memecoins like Fartcoin can show significant gains.
- As Bitcoin [BTC] stirs the crypto market, with investments and regulations playing crucial roles, memecoins like Fartcoin are finding their places in the finance and investing landscape.
- As Fartcoin's trading volume rises, with a 78% increase to $252.3 million, the question looms whether this memecoin will challenge its resistance, especially as market sentiment tilts more towards bullishness.
- Keeping an eye on regulations and market sentiment, investors and speculators are carefully deciding their next steps in the crypto market, where even memecoins like Fartcoin can offer promising returns.
