Key Takeaways
- Fartcoin saw a 5% increase over the last 24 hours, now trading at $1.01.
- Despite this recent uptick, the memecoin persists in a bearish trend.
Fartcoin and Other Leading Memecoins Remain Bearish
The broader cryptocurrency market is recovering from a recent downturn triggered by the conflict in the Middle East. Bitcoin, Ether, XRP, and other major cryptocurrencies have reported significant gains this week.
However, the narrative surrounding memecoins within the larger cryptocurrency landscape remains negative, with most experiencing losses. Fartcoin, Dogecoin, Shiba Inu, and Pepe have all seen declines over the past week.
Fartcoin has surpassed the $1 mark after gaining 5% in value over the past 24 hours. Nonetheless, its medium-term outlook is bearish, as transaction volumes continue to decline. This trend suggests that Fartcoin may face further selling pressure in the upcoming days and weeks.
Fartcoin Poised to Retest Support Level of $0.80
The FARTCOIN/USD four-hour chart remains bearish despite the coin’s recent positive performance. The recent rally may be seen as Fartcoin moving toward the TLQ at $1.109, which mitigates liquidity before what could be another dip.
Earlier this week, a death cross pattern formed, as the 50-period EMA fell below the 100-period EMA. This trend indicates a bearish dominance, likely weighing Fartcoin down toward the next key support zone.
If the downward trend continues, Fartcoin might retest the support level of $0.80 for the second time this week. A break below this support could lead Fartcoin to the next key support level at $0.71.
The MACD lines are currently negative, while the RSI at 54 indicates resistance from buyers. The indicators suggest that Fartcoin may still decline.
Nonetheless, a reversal is possible, supported by the broader cryptocurrency market. If Fartcoin rises above the 50 midpoint line, bullish momentum could resurface, paving the way for gains that surpass the $1.25 resistance tested on June 17.
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