- Fartcoin’s price climbed to hit a new all-time high
- Market indicators hinted at a sustained rally to breach the $2-level
Over the past day, things have been quite eventful and dynamic, particularly for those who hold FARTCOIN. This memecoin experienced a significant surge in value, reaching a unprecedented high of $1.94 on the price charts. Simultaneously, its market capitalization also hit an all-time high of $1.87 billion.
As a researcher, I’d like to note that at the time of reporting, the altcoin had partially reversed its trajectory due to a price dip. Interestingly, FARTCOIN managed to record approximately 30% growth within a day and more than 98% increase over the past month on the chart.
With the recent surge in prices, it’s worth pondering whether the market can maintain this upward trend and reach even higher peaks.
Can the memecoin sustain its rally?
Based on AMBCrypto’s examination, the price of FARTCOIN appears to be supported by robust upward thrust, further boosted by an increase in demand to purchase it.
These conditions could position the memecoin for more gains on its price chart.
Initially, let’s observe the positive trend indicated by a ‘bullish cross’ in the NMACD. This ‘bullish cross’ signifies that the asset is experiencing more gains than losses as it records higher highs.
The strength here is further supported by a new bullish intersection on the Relative Strength Index (RSI), indicating that buyers currently have full reign over the market.
As I peer deeper, it’s evident that the Open Interest for FARTCOIN has soared to an unprecedented peak of $245.5 million. A surge in Open Interest suggests that investors are actively engaging in new trades and maintaining their existing positions.
Such a market trend is reflective of bullish sentiments across all participants.
This bullishness can be further evidenced by greater demand for long positions.
As reported by Coinglass, a significant portion (52%) of the market is holding long positions, suggesting that most investors are optimistic about the price increase in cryptocurrencies.
Ultimately, the mood among FARTCOIN investors has shifted to optimism recently, following a stretch where it was negatively biased.
The changing attitude among traders supports our earlier point about the market trend, since many investors now anticipate further increases in value.
What are the next levels for the memecoin?
Given that altcoin’s investors are becoming increasingly optimistic and currently, buyers hold dominance over the market, it seems that the memecoin could potentially see some growth or increases in value.
Consequently, should these opinions be valid, the cryptocurrency is expected to regain $1.94 and even go beyond $2, reaching a new peak. On the other hand, a dip might cause it to fall to around $1.6.
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2025-01-20 05:12