- Fartcoin is hovering at $1.15 following a 17% drop.
- Its daily trading volume has surged by over 68%.
The day opened trading with a red wave across the assets. Although it mirrored the recent recovery trend, the crypto market cap has taken a dip. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), have retraced back to their lows, with other tokens charted in a declining pace.
Aligning with the trend, Fartcoin has registered a solid drop of over 17.22% in the last 24 hours. Notably, the asset traded at a peak price of $1.42 in the early hours. The potential entry of the bears has triggered the asset’s price to drop toward its bottom range of $1.12.
As reported by the CMC data , with Fartcoin’s $1.15 billion market cap, the price is currently hovering at around $1.15. Meanwhile, the daily trading volume has increased by over 68.74%, reaching $341 million. In addition, the Fartcoin market has seen $12.04 million in liquidations .
A whale wallet has sold 3 million Fartcoin for $3.65 million at $1.22. He originally bought 8.89 million tokens for $2.31 million at an average price of $0.26 between February 26 and March 21. He still holds 1.89 million tokens, with a total profit of $8.07 million, marking a gain of over 349%.
Fartcoin Bears in Control
Fartcoin’s technical analysis unveils that the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line. This crossover implies a sturdy bearish momentum, and the asset’s weakness may continue to strengthen. Besides, the Chaikin Money Flow (CMF) indicator positioned at -0.25 points out a strong selling pressure in the market. With the negative value, the capital is flowing out of the asset.
Fartcoin chart (Source: TradingView )
The recent trading pattern of the asset reveals the bearish price trajectory, and the price might immediately test the $1.09 support . Assuming the Fartcoin triggers the emergence of a death cross, the price could steeply fall toward a level of $1.03. If the Fartcoin bulls re-enter, the price might climb to the nearby resistance at $1.21. With the formation of a golden cross, the subsequent resistance could likely be found within the $1.26 range.
Moreover, the Bull Bear Power (BBP) reading of -0.2490 suggests that the bears have the upper hand in the market. The asset’s price may continue to move downward if the value falls further. The Fartcoin’s daily Relative Strength Index (RSI) is settled at 28.01, indicating that it is in the oversold territory. But it has the potential for a trend reversal.
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