Fartcoin (FART) Rallies 60% on Christmas Day, Aims to Reclaim Its $2 ATH

Christmas Day appears to be raining gains for cryptocurrencies, but most especially for a meme coin that has recently caught the attention of the broader market—Fartcoin (FARTCOIN).

Christmas Day appears to be bringing gains for cryptocurrencies, especially for a meme coin that has recently caught the attention of the broader market: Fartcoin (FARTCOIN).

In the past 24 hours, the price of FARTCOIN has increased by 60%, outperforming every other meme coin in the top 100. As a result, the cryptocurrency’s market capitalization has regained and surpassed the $1 billion mark once again. But what comes next for the meme coin?

Fartcoin Sees Bullish Sentiment, Renewed Demand

Yesterday, Fartcoin’s price was trading at $0.74 following a recent correction. During the same period, BeInCrypto predicted, using several indicators, that the meme coin could soon return to the $1 billion market cap.

Less than 24 hours later, FARTCOIN’s value rose to $1.20, and its market cap is now $1.20 billion. According to our analysis, this significant bounce could be attributed to improved sentiment around the token and increasing demand.

On December 22, the token’s Weighted Sentiment slipped into negative territory. Weighted Sentiment gauges the market perception of a cryptocurrency. A positive reading reflects bullish comments, while a negative reading indicates bearish sentiment.

As shown above, the sentiment reading has bounced back into the positive region, indicating that most remarks about FARTCOIN are now optimistic. If this trend continues, the token’s value could climb higher and potentially reach a new all-time high in the short term.

Moreover, the Chaikin Money Flow (CMF) revealed that demand also soared due to the positive sentiment around the meme coin. The CMF measures the flow of money in or out of a cryptocurrency, helping to identify the level of accumulation (buying) and distribution (selling).

When the CMF rises, it indicates a good level of buying pressure. Conversely, a decline in the indicator’s rating suggests selling pressure. Based on the daily chart, the CMF reading has significantly jumped, signifying a sustained Fartcoin price increase in the short term.

FARTCOIN Price Prediction: $2 Target Now Close

Meanwhile, a closer look at the 4-hour timeframe shows that FARTCOIN faced resistance at $1.25. The inability to break through this hurdle pulled the price back to $1.20

However, Bull-Bear Power (BBP) suggests that the retracement might not last long. BBP shows whether the strength of buyers (bulls) outpaces that of sellers (bears) or the other way around. 

A positive reading favors bulls, while a negative one indicates strong bearish pressure. Since it is the latter, the FARTCOIN price increase might continue. If validated, the Solana meme coin might surpass the highest level of the wick at $1.30 and probably climb toward $2.

On the flip side, if selling pressure increases with bears in control, this might not happen. Instead, FARTCOIN could decline to $0.88, invalidating the Christmas rally in the process.