Fartcoin appears to be reversing its downtrend, approaching a key resistance level at $0.64. Analysts predict a bullish rally ahead as technical indicators improve. Stay updated on the latest forecasts for this meme cryptocurrency.
Short-term Fartcoin traders may find reasons to be optimistic. The daily chart indicated that the three-month bearish trend was coming to an end.
Fartcoin appeared to be on the brink of establishing a bullish trend. The price trajectory of Bitcoin (BTC) in recent days has been bearish, leading FARTCOIN into a 40% correction.
The corrective move ended on March 31, and the memecoin gained 35% from the lows of $0.383 on April 1.
On the daily chart, Fartcoin seemed to be reversing its bearish trend. The 20 and 50-day moving averages formed a bullish crossover on March 28. In recent days, the 20-day moving average has acted as a price support level.
The CMF has now crossed +0.088 to signal significant capital inflows. Meanwhile, the OBV was about to surpass the late-February highs.
Collectively, volume indicators showed increasing buying pressure, albeit not very concise. This meant that the likelihood of a bullish reversal was becoming stronger.
Fartcoin has already surpassed the resistance at $0.3615 and turned it into support. This move marked a shift in bullish structure. The level of $0.619 will likely need to be turned into support next.
The 4-hour chart showed a possible Andrews’ Pitchfork formation over the past week. The median level of the pitchfork at $0.508 has served as support in the past and could act as resistance in the hours following publication. The Mean Reversion Channel also has support at $0.46, which seems to be bouncing at the time of writing with FARTCOIN at $0.513.
The 4-hour CMF was neutral following the significant correction from $0.63 to $0.39, marking the pitchfork extremes.
In the recent hours, the rapid price rebound propelled the RSI above the neutral level of 50, reflecting a bullish momentum. Bulls would like to see the pitchfork median level at $0.508 quickly turn into support, providing a long position reference.
Moreover, Fartcoin’s liquidation heatmap showed significant liquidity at $0.556, $0.6, and $0.64. The liquidity pocket below the price was much further away and roughly equal in size to those above.
Therefore, it was more likely for FARTCOIN to rise towards $0.64 in the coming days rather than retracing back to $0.38. Traders can anticipate a rally towards the short-term pitchfork high at $0.63, and potentially higher.
If Fartcoin manages to break the bearish trendline at $0.63, it could then aim for the next area at 80 cents.
The support at $0.38 must be maintained to avoid dropping to at least 27 cents. The next few hours will be crucial for the future of FARTCOIN, which stands at a crossroads where bulls and bears clash.
In conclusion, technical indicators suggest that Fartcoin is on track to reach a new high at $0.64. With strengthening bullish signals, investors can expect a 22% rally in the coming hours. Keep an eye on this memecoin as it could pleasantly surprise on the upside today.
Here is a practical guide to buy FARTCOIN on the Weex exchange in a few steps:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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