- A 21% plunge has pushed Fartcoin down toward $0.85.
- Daily trading volume has surged by over 53%.
The crypto market opened the day on a bearish note, failing to hold the recent recovery attempt. As a result, the major tokens are dipped in red, including the largest assets like Bitcoin and Ethereum. Only a steady movement on the upside could trigger the recovery from the bear grip.
Among the altcoin pack, Fartcoin has registered a solid retrace of over 21.17% in the last 24 hours. As per CoinMarketCap data , in the early hours, the asset traded at a high mark of $1.09. With the bearish pressure, the price fell back to a low of $0.855.
With a $861.07 million market cap, Fartcoin currently trades at around $0.8598. Meanwhile, the daily trading volume has surged by over 53.85%, reaching $285.62 million. In addition, the market has observed $9.98 million in Fartcoin liquidations .
The asset’s thirty-day price graph has recorded a gain of around 30.48%. Fartcoin began trading the month within the $1.25 range and hit a high and low at $1.67 and $0.88, respectively. The asset has faced a series of ups and downs, reaching the current trading level.
Can Fartcoin Stay Stuck in the Dip?
Fartcoin’s technical assessment reports that the Moving Average Convergence Divergence (MACD) line is below the zero line, but the signal line is above the zero line. This crossover indicates that the overall trend is bearish, with a possible shift toward the bullish zone.
Fartcoin chart (Source: TradingView )
Besides, the asset’s Chaikin Money Flow (CMF) indicator found at -0.20 suggests moderate selling pressure in the market. Notably, more capital is flowing out than in, showing bearish bias. If the value keeps dropping, it may likely signal a stronger bearish momentum.
The four-hour trading pattern exhibits a negative outlook. With the bears, the Fartcoin price could slip and test the nearby support at $0.8592. A potential correction on the downside might trigger the death cross, sending the price toward the $0.8586 range.
On the upside, assuming the bulls took control, the asset’s price might climb to the $0.8604 resistance . Further bullish correction could push Fartcoin to find its subsequent resistance at the $0.8610 level. Also, it would bring in the golden cross for more gains.
Fartcoin chart (Source: TradingView )
Moreover, the asset’s daily Relative Strength Index (RSI) is positioned at 29.74 is in oversold territory. It may be subject to a potential rebound, though it can also remain oversold in strong downtrends. Fartcoin’s Bull Bear Power (BBP) reading of -0.2097 implies the bearish dominance in the market. If the value drops further, the bearish pressure could strengthen.
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