Fartcoin’s market structure remains bullish on the short-term scale, but is currently taking a break following a slight pullback in the past days. Failure to bounce back could result in a significant setback in the short term.
Considered as one of the top gainers in the second quarter of the year, Fartcoin halted bullish action last month and pulled back, taking a short break after two months of steady recovery from the early-year crash.
Luckily, the bulls intercepted the pullback at $0.8 and pushed back. That led to a bounce near the recent high, and it lost steam due to a rejection in the mid-week. The price dropped and quickly turned weak on the day.
Despite that, the asset remains under the bulls’ watch as they now seek solid ground to launch a fresh increase on the daily chart. Considering the recent drops to the important $1 level, which looks more like a pullback, we can expect a rebound possibly in the coming week.
If that comes into play, the price could break to a new high by the end of the month. A pullback below the monthly low could result in a major decline, invalidating further bullish moves on the short-term trend.
Nevertheless, Fartcoin remains strong on the monthly scale. The coming days should determine where the market will head next.
FARTCOIN’s Key Levels to Watch
Source: Tradingview
Currently, the $0.95 level is considered support for the market. A drop below it could trigger a crackdown to the $0.645 support level. The lower support for drops is located at $0.355.
A rebound above the $1.646 resistance level could fuel more increases to $2 before tapping the $2.74 resistance level. Breaking through these levels should shoot the price to a new high.
Key Resistance Levels: $1.646, $2, $2.74
Key Support Levels: $0.95, $0.645, $0.355
- Price: $1.2
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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