Key takeaways
- Fartcoin is up 5% in the last 24 hours and now trades at $1.01 per coin.
- The memecoin remains bearish despite its recent rally.
Fartcoins and other leading memecoins remain bearish
The broader cryptocurrency market is recovering from the recent bearish trend caused by the Middle East conflict. Bitcoin, Ether, XRP, and other major cryptocurrencies all recorded excellent gains this week.
However, the memecoin narrative in the broader crypto market remains negative, with most memecoins still in the red. Fartcoin, Dogecoin, Shiba Inu, and Pepe all recorded losses over the last seven days.
Fartcoin has crossed the $1 mark after adding 5% to its value in the last 24 hours. However, the medium-term outlook for the memecoin remains bearish its trading volume continues to decline. This suggests that Fartcoin could face further selling pressure over the coming days and weeks.
FARTCOIN to retest the $0.80 support level
The FARTCOIN/USD 4-hour chart is bearish despite the coin’s recent positive performance. The positive rally can be seen as Fartcoin moving towards the TLQ at $1.109, mitigating the liquidity zone before dipping.
Earlier this week, a death cross pattern formed when the 50-period EMA crossed below the 100-period EMA, implying bearish dominance and likely keeping FARTCOIN weighed down toward the next key support area.
If the bearish trend resumes, Fartcoin could retest the $0.80 support level for the second time this week. A break below this level could see Fartcoin hit the next key support level at $0.71.
The MACD lines are now negative, while the RSI of 54 shows resistance from the buyers. The indicators are currently bearish and suggest that FARTCOIN could drop further.
However, a reversal is possible, supported by the broader cryptocurrency market. If FARTCOIN swings above the 50 midline, the bulls could regain firm control of the market, paving the way for gains past the $1.25 resistance tested on June 17.
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