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 attributable to the Center East battle. Bitcoin, Ether, XRP, and different main cryptocurrencies all recorded glorious good points this week.
Nevertheless, the memecoin narrative within the broader crypto market stays unfavorable, 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. Nevertheless, the medium-term outlook for the memecoin stays bearish its buying and selling quantity continues to say no. This means that Fartcoin may face additional promoting stress 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 constructive efficiency. The constructive rally might be seen as Fartcoin transferring in direction of the TLQ at $1.109, mitigating the liquidity zone earlier than dipping.
Earlier this week, a demise cross sample fashioned when the 50-period EMA crossed beneath the 100-period EMA, implying bearish dominance and certain retaining FARTCOIN weighed down towards the subsequent key assist space.
If the bearish development resumes, Fartcoin may retest the $0.80 assist degree for the second time this week. A break beneath this degree may see Fartcoin hit the subsequent key assist degree at $0.71.
The MACD traces are actually unfavorable, whereas the RSI of 54 exhibits resistance from the patrons. The symptoms are at the moment bearish and counsel that FARTCOIN may drop additional.
Nevertheless, a reversal is feasible, supported by the broader cryptocurrency market. If FARTCOIN swings above the 50 midline, the bulls may regain agency management of the market, paving the best way for good points previous the $1.25 resistance examined on June 17.
