Dropping to a new monthly low after initiating another leg down this week, Fartcoin found support and climbed back above a broken support level. This brought a major gain today, but the market remains weak.
Despite past weeks of drawdown across the crypto space, Fartcoin is still considered bullish on the short-term scale, although the latest drops have brought a slight price correction and is now slowly turning bearish daily.
Breaking down a key support level of $0.95 amid yesterday’s meltdown, the price dipped to a new monthly low of $0.86, which acted as support, and the price bounced back above the mentioned broken support level.
At $1, the price appears strong daily following a steady volume inflow since yesterday. A continuous hold above the monthly low could allow more recoveries to the top before breaking out to higher resistance. If that happens, we can expect a massive explosion in the future.
However, considering the fact that Fartcoin is still under correction, we can expect more drops in the coming days, especially if Bitcoin keeps losing traction. The key range to watch for such a correction is $0.6.
A correction below March’s low could trigger a crash capable of bringing an end to the bull run. For now, there’s still hope for a rebound.
FARTCOIN’s Key Levels to Watch
Source: Tradingview
A strong push from the current trading level could bring us back to last month’s high of $1.646. Breaking through it could rally the price fast to $2 and the $2.74 resistance – tested last December – before exploding.
Plunging through the $0.95 support to reclaim the $0.86 low could cause more declines to $0.645. The $0.5 and $0.335 levels are lower supports to keep in mind in case of more dips.
Key Resistance Levels: $1.646, $2, $2.74
Key Support Levels: $0.95, $0.645, $0.355
- Price: $1
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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