Fartcoin price continued its strong surge this week, rising for five consecutive days, and reaching its highest level on record. Its volume and futures open interest have risen, and it has flipped a crucial resistance level, raising odds that it will hit $2 soon.
Fartcoin Price As Futures Open Interest Hits A Record High
Fartcoin price has been in a strong uptrend, transforming it into the fifth-biggest Solana meme coin in the industry with a market cap of $1.4 billion. This surge has been accompanied by higher volume in the spot market and soaring.
According to CoinGecko, its 24-hour volume rose to $244 million, its highest level since December 20th. At the same time, its futures open interest rose to a record high of over $136 million. That is a remarkable increase since the figure stood at less than $20 million on December 22. These are signs that Fartcoin price is gaining momentum, possibly as the fear of missing out (FOMO) continues.
Fartcoin Token Technical Analysis
Fartcoin price has soared by over 8,800% from its November lows, and technicals point to more gains in the near term.
The daily chart shows that the token has already crossed an important resistance level that presented it with substantial risks. It rose above the resistance point at $1.3050, which was the highest swing on December 20 and 25 last year.
By moving above that level, Fartcoin managed to invalidate the formation of a triple-top pattern whose neckline was at $0.5760. This pattern is similar to a double-top, with the only difference being that it has three peaks. In most periods, an asset that has formed a triple-top usually crashes.
In Fartcoin’s case, it rose above the triple-top and then retested it. A break and retest is a situation where an asset crosses a key resistance level, retests it, and then continues with the original trends.
Fartcoin Price Targets
Therefore, these trends mean that the Fartcoin price may continue rising and tests the psychological point at $1.5. A volume-supported jump above that level will boost the chances of it hitting $2.
On the flip side, there are chances that the move above the triple-top point at $1.3050 is a false breakout. If this is the case, the coin may drop, with the next psychological point to watch being at $1.
The case for a pullback is supported by the fact that Fartcoin price has attracted a lot of FOMO as it moves to the markup phase of the Wyckoff Method. As we wrote in this VIRTUAL price forecast, that could be a sign that the coin will slide as it moves towards the markdown. VIRTUAL has crashed by over 18% as we predicted, and Fartcoin may do the same.
Frequently Asked Questions (FAQs)
Fartcoin price has rallied as demand for Solana meme coins rise and as investors embrace the Fear of Missing Out (FOMO).
Fartcoin has invalidated the triple-top chart pattern, meaning that the coin may continue rising for a while as buyers target the resistance at $2.
Fartcoin faces the risk of moving into a distribution and a markdown phase of the Wyckoff Method. If this happens, the coin may drop sharply in the near term.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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