The post After a Clean Consolidation, This Memecoin Triggered a Huge Breakout- A 30% Upswing Could be Underway appeared first on Coinpedia Fintech News
After experiencing significant selling pressure, the crypto markets are working hard to overcome the bearish influence. Meanwhile, the memecoins have begun to print bullish candles, but the main attraction remains Fartcoin (FARTCOIN), which has surged over 10%. The token was stuck within a pre-determined range for a while, and hence, a breakout indicates the arrival of the bulls as the volume has begun to increase notably.
Fartcoin has been displaying strength for a few days, starting from the past weekend, which has attracted a significant volume. As per the data from Lookonchain, an on-chain analytical platform, a newly created wallet spent nearly 1 million USDC to buy 1.06 million Fartcoin in the past few hours. With this, the possibility of a continued ascending trend remains high, but only if the token manages to break above the crucial resistance this week.
As seen in the above chart, the FARTCOIN price has been undergoing a parabolic recovery, and before reaching the pivotal resistance zone, it is consolidating within a narrow range. The bulls are working hard to secure levels above the resistance at $0.971. But the consolidating ascending trend of the RSI suggests a notable drop in the rally’s strength. Therefore, the price is here to stay between the local resistance and support at $0.971 and $0.69 for a while until a massive liquidity kicks in.
On the other hand, the FARTCOIN price is in line with a bullish pattern and hence a breakout appears imminent. The token is forming a cup and handle pattern and hence a breakout from the parallel consolidation may lead the rally to $1.5, surpassing the resistance zon between 1.2 and $1.31. This suggests the popular memecoin is on its way to form a new ATH, probably above $2 before the end of Q2 2025. However, a major bull run is much awaited during the second half of the year that may elevate the levels by 10x or 20x.