Fartcoin : A New Bullish Trend on the Horizon ?
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.
Bullish Outlook for Fartcoin
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.
Is Investing in the Memecoin Fartcoin Worth it?
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:
- Create a Weex account
Visit the official Weex site and sign up with your email or phone number. - Verify your identity (KYC)
Complete the KYC verification by submitting an ID. This step is essential to unlock all trading features. - Add funds
In the “Deposit” section, top up your wallet with cryptos (USDT, BTC, etc.) or via fiat (bank transfer, card). - Access the market
Go to “Spot Trading,” search for “FARTCOIN” in the dedicated bar, and select the FARTCOIN/USDT pair. - Make the purchase
Choose a market order for an instant purchase or a limit order to set a specific price. Specify the desired quantity of FARTCOIN.
