The crypto market has experienced a major setback this week, resulting in major memecoins losing significant value in their respective valuations. With this, the Fartcoin price continues recording a bearish price action as it has dropped approximately 9% over the past 24 hours.
At press time, it had a trading volume of $243.03 million, a change of +37.95%. Additionally, the FARTCOIN has lost 21.65% over the past week and 33.97% in the last 30 days.
The FARTCOIN price chart shows that it had formed an expanding channel pattern. Meanwhile, due to the increasing selling pressure, this memecoin broke down the trend pattern for the first time since mid-March, resulting in it retesting its important support zone around the $0.90 mark.
The Moving Average Convergence Divergence (MACD) indicator records a rising red histogram in the daily time frame with its 12 & 26-day averages recording a bearish convergence. This trend suggests a rising bearish momentum for the FARTCOIN memecoin in the upcoming time.
The FARTCOIN price could retest its $1 mark if the bulls regain momentum. Maintaining the price above that level could result in it heading toward its upper resistance level of $1.12 or $1.35 respectively.
However, if the bears maintain dominance, it may pull the value of FARTCOIN price to its $0.88. A rising negative sentiment could pull the value toward its lower support level of $0.6575 this month.
Also Read: Traders Lose $300M in 4-Hour Liquidation as Bitcoin, Ethereum Drop Sharply
