Fartcoin traders have reason to be hopeful as the memecoin seems to be on the verge of establishing an uptrend. After a period of correction that saw Fartcoin drop by 40%, the tide appears to be turning as the coin has rallied by 35% since hitting lows on the 1st of April. The 1-day chart for Fartcoin shows signs of a bullish reversal, with the 20 and 50-day moving averages forming a bullish crossover. Additionally, volume indicators like the CMF and OBV suggest rising buying pressure, indicating a potential bullish reversal on the horizon.
On the 4-hour chart, a possible range formation has been observed over the past week, with the mid-range level at $0.508 potentially serving as a resistance level. However, the recent bounce in price has pushed the RSI back above neutral 50, reflecting bullish momentum. The Fartcoin liquidation heatmap also indicates significant liquidity at levels like $0.556, $0.6, and $0.64, suggesting a potential rally towards the short-term range high at $0.63.
Traders can therefore anticipate a climb towards $0.64 in the coming days, rather than a reversal towards $0.38. It is important to note that this information should not be construed as financial advice, but rather as the writer’s opinion on the current state of Fartcoin trading. In conclusion, Fartcoin bulls have reason to be optimistic about the short-term outlook for the memecoin, with indicators pointing towards a potential bullish trend in the near future.
