- Fartcoin price surged by 13% in last 24 hours suggesting extremem bullish scenario.
- The memecoin bounced back from 200-day EMA support level showcasing buyers presence.
Fartcoin (FARTCOIN) is currently showing good bullish momentum as it is rebounding off a critical support level, and this provides a strong bullish case to traders and investors. The memcoin has established a firm foundation at the 200-day exponential moving average (EMA) at $0.8437, which is a major technical development that tends to mark the end of a corrective phase. As per CMC data, currently it is trading at $1.1696 and surged by 13% in last 24 hours.
The price movement shows a classic rebound off the 200-day EMA support and the asset has shown strength at this key level. This interplay with the long-term moving average has been a good indicator in the past of the continuation of the trend and the current set up indicates that buyers are entering at these levels. The 50-day EMA is at $1.0993 acting as a solid support for Fartcoin price.
There are several technical indicators pointing in the direction of the bullish thesis. The MACD gives a bullish crossover between the MACD line and the signal line, which means increasing upward momentum. Such crossover, along with the MACD crossing above zero, indicates that the buying pressure is building up and may lead to the prolonged increase in prices. The RSI indicator is also improving, it is not in the oversold area anymore, and it is in the healthy momentum area, but not overbought.
What’s Next For Fartcoin Price?
Source: Tradingview
Another layer of evidence of the bullish case is revealed through social sentiment analysis. The sentiment indicators depict a better perception of the market, with green bars prevailing in the recent readings. Such a favorable change in the attitude of the community usually comes before any major price change and indicates an increase in the confidence of market participants.
On the resistance side, Fartcoin will encounter the first significant technical obstacle at the level of $1.4000. A breakout above this level would probably cause further purchases and aim at the next resistance area at $1.6597. On the other side, the main support is at the level of $0.8437, whereas the secondary support is at $0.5449, which will give more cushion to the possible pullbacks.
The technical indicators, the positive social mood, and the fact that the 200-day EMA has been defended successfully provide a good background to further growth. The confirmation of the volume and the potential to reclaim the higher levels should be the important points of validation of the bullish scenario by traders.
Highlighted Crypto News Today:
Kaia (KAIA) Slips Below $0.17 as Momentum Wanes and Volume Falls
