Fartcoin price has been outperforming the general cryptocurrency market, showing gains over various time frames. The token has seen an increase of 4.9% in the last 24 hours, 56.5% in the last week, and a whopping 181.1% in the last 30 days, based on market data. However, recent on-chain data is raising questions about the future of the Solana meme coin.
Recent Capital Flows Are Raising Questions About Fartcoin Price
Fartcoin’s on-chain data is showing contradictory signals regarding capital flow in recent days. On April 15, there was a significant net outflow of $5.74 million, one of the largest single-day capital movements for the token this month. This followed several days of smaller negative flows, indicating profit-taking by larger holders.
Prior to the outflows, Fartcoin had seen positive capital inflows in early April, with a peak around April 4. This alternating flow of capital creates uncertainty surrounding Fartcoin’s price, especially since meme coins like Fartcoin typically lack fundamental utility and revenue streams.
Fartcoin Analysis Shows Cup And Handle Pattern Completion
Technical analysts are closely monitoring Fartcoin’s price action, with one analyst identifying a cup and handle pattern that has been completed. This bullish pattern is seen as good news for investors in the meme coin. The rounded bottom formation (cup) followed by a slight downward drift (handle) before a breakout is considered bullish when confirmed by price action.
Analyst Sherif pointed out additional technical considerations supporting a bullish outlook, indicating solid volume and consolidation between $0.90-$0.95. If bulls clear $0.955 with volume, the next leg could reach $1 or higher. However, not all analysts share this optimistic view, with some cautioning against a potential smart money exit from Fartcoin.
Key Price Levels To Watch
Several critical price zones could dictate Fartcoin’s future trajectory, with the token repeatedly testing the yearly open at $0.95. Despite persistent buyer interest, Fartcoin has struggled to decisively break through this level. A close above $0.95 could pave the way for a bounce towards the psychologically significant $1 mark.
On the support side, the $0.85 level has provided a strong bounce, suggesting it could act as floor support in the event of a pullback. Broader support zones extend down to around $0.80, from which the price has recently bounced back. Despite bullish projections, Fartcoin’s price has shown signs of bottoming amid macroeconomic uncertainties in the last week.
In conclusion, Fartcoin’s price performance has been impressive compared to the general cryptocurrency market, with significant gains over various time frames. However, recent on-chain data is casting doubt on the token’s future, with mixed signals regarding capital flow. Technical analysis indicates completion of a bullish cup and handle pattern, providing potential upside for investors. Key price levels to watch suggest a possible breakout if Fartcoin can breach resistance levels, though caution is advised as analysts have differing views on the coin’s outlook.
