Miami, FL – Fartcoin traders are experiencing a wave of optimism in the short-term as the cryptocurrency shows signs of a shift in trend. After a three-month downtrend, Fartcoin seems poised to establish an uptrend based on recent price movements. The correction that pushed Fartcoin down by 40% came to an end on March 31st, leading to a 35% increase since hitting lows of $0.383 on April 1st.
Analysts have noticed a shift in momentum among Fartcoin bulls as the cryptocurrency appears to be reversing its bearish trend on the 1-day chart. Key indicators such as the 20 and 50-day moving averages forming a bullish crossover and the CMF showing sizeable capital inflows suggest growing buying pressure, increasing the likelihood of a bullish reversal. Fartcoin has already surpassed the $0.3615 resistance level and flipped it to support, marking a significant bullish structural shift in the cryptocurrency.
The 4-hour chart reveals a possible range formation in the past week, with the mid-range level at $0.508 likely to play a role as both support and resistance. The recent price bounce propelled the RSI back into bullish territory, with traders hoping to see the $0.508 level flipped to support for a potential long position. The Fartcoin liquidation heatmap indicates significant liquidity at $0.556, $0.6, and $0.64, suggesting a climb towards $0.64 in the near future rather than a reversal towards $0.38.
Overall, the data suggests that Fartcoin may continue its upward trajectory, with traders anticipating a rally towards the short-term range high at $0.63 and potentially beyond. It is essential to note that the information presented is solely the writer’s opinion and does not constitute financial, investment, or trading advice.