After rising by almost 10x in nine weeks, Fartcoin saw a sharp rejection and halted bullish last week. This triggered a significant decline over the past week and now appears highly bearish amid the latest breakdown.
Considered as one of the most recovered assets during the last buying phase, Fartcoin recorded a mind-blowing gain and reached its highest level of $1.6 for the first time in four months. While that brought a good return on investment within a short period, major holders booked profits, and the price slipped.
That action led to a steady dump as Bitcoin loses traction this week, and the price dipped to a daily low of $1.08. There’s hope for a rebound daily as the trend remains in favour of the bulls in the short term.
However, looking at the recent breakdown in the bullish structure on the 4-hour chart, the trading landscape appears to have changed in favour of bears. As we can see on the daily chart, they are currently in charge of the market. In fact, more dips may surface with no signs of interceptions.
Technically, the bulls are currently off the market. If they return with a major push above the current monthly high, we can anticipate another rally to a new multi-month high. But for now, they are taking a break.
FARTCOIN’s Key Levels to Watch
Source: Tradingview
A slight price recovery may bring a retest at the breakdown level of $1.2 before resuming selling. If the market pushes above this level, it may reclaim the $1.646 resistance with a potential break up to $2 and $2.74.
The target support levels to watch in the latest dip are $0.95 and $0.645. If these levels fail to contain pressure, $0.355 would be the next level to keep in mind.
Key Resistance Levels: $1.646, $2, $2.74
Key Support Levels: $0.95, $0.645, $0.355
- Price: $1.1
- Trend: Bullish
- Volatility: Low
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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