Fartcoin Gasps Higher: Will the 12% Rally Push for the Next Wave Upward?

• Fartcoin is trading at $0.38 after gaining over 12%.
• The market has recorded liquidations totalling $1.34M.

The majority of the crypto tokens have been charted in green, and their trading pattern is briefly bullish. The largest assets, Bitcoin (BTC) and Ethereum (ETH), are attempting to escape the broader downtrend, trading at $92.5K and $3.2K. Following the current upswing track, Fartcoin has posted a 12.41% rally. 

In the morning hours, within the bear hold, the asset traded at a bottom of $0.3379. After breaking key resistance between $0.3389 and $0.3918 levels, Fartcoin has risen to a high range of $0.3928. Upon the upside correction building, the price could see more gains, to the recent highs. 

Additionally, with a $387.79 million market cap, Fartcoin trades at around $0.3898 at the time of writing. The daily trading volume has reached $166.8 million after a brief loss. Besides, the market has experienced a liquidation of $1.34 million in Fartcoin during the last 24 hours.

Where Is Fartcoin Headed Next?

The technical analysis of Fartcoin shows that the Moving Average Convergence Divergence (MACD) is above the zero line. It points out a shift toward an uptrend. With the signal line remaining below the zero line, the bullish momentum is not fully confirmed. 

Significantly, the Chaikin Money Flow (CMF) indicator settled at 0.02 hints at very mild buying pressure in the market. The asset is slightly bullish but not strong enough to confirm a sturdy uptrend. Also, the market sentiment is neutral to slightly positive. 

Fartcoin’s recent price chart exhibits growing bullish momentum. The price could climb to test the crucial resistance at $0.3920. With a potential breakout, the bulls might send the price above the $0.3945 range. 

Assuming the bears appear, the price of Fartcoin might instantly retrace toward the $0.3875 support level. If the downside pressure gains more traction, the price could fall to its previous low of $0.3850 or even lower. 

Moreover, the daily Relative Strength Index (RSI) reading at 58.32 indicates mild bullish momentum. It shows that the buyers have a slight advantage over the sellers. Fartcoin’s Bull Bear Power (BBP) value of 0.0368 suggests a slight bullish dominance. As the ongoing momentum is not very strong, there is a mild bullish bias rather than a strong upward push.

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