Key takeaways
- Fartcoin is up 5% within the final 24 hours and now trades at $1.01 per coin.
- The memecoin stays bearish regardless of its latest rally.
Fartcoins and different main memecoins stay bearish
The broader cryptocurrency market is recovering from the latest bearish development brought on by the Center East battle. Bitcoin, Ether, XRP, and different main cryptocurrencies all recorded wonderful good points this week.
Nonetheless, the memecoin narrative within the broader crypto market stays damaging, with most memecoins nonetheless within the crimson. Fartcoin, Dogecoin, Shiba Inu, and Pepe all recorded losses over the past seven days.
Fartcoin has crossed the $1 mark after including 5% to its worth within the final 24 hours. Nonetheless, the medium-term outlook for the memecoin stays bearish its buying and selling quantity continues to say no. This implies that Fartcoin might face additional promoting strain over the approaching days and weeks.
FARTCOIN to retest the $0.80 assist degree
The FARTCOIN/USD 4-hour chart is bearish regardless of the coin’s latest optimistic efficiency. The optimistic rally might be seen as Fartcoin shifting in the direction of the TLQ at $1.109, mitigating the liquidity zone earlier than dipping.
Earlier this week, a dying cross sample fashioned when the 50-period EMA crossed under the 100-period EMA, implying bearish dominance and sure maintaining FARTCOIN weighed down towards the following key assist space.
If the bearish development resumes, Fartcoin might retest the $0.80 assist degree for the second time this week. A break under this degree might see Fartcoin hit the following key assist degree at $0.71.
The MACD traces are actually damaging, whereas the RSI of 54 reveals resistance from the patrons. The symptoms are presently bearish and counsel that FARTCOIN might drop additional.
Nonetheless, a reversal is feasible, supported by the broader cryptocurrency market. If FARTCOIN swings above the 50 midline, the bulls might regain agency management of the market, paving the way in which for good points previous the $1.25 resistance examined on June 17.
