Fartcoin [FARTCOIN] Price Surges 22.4% to Monthly High of $0.517

Over the past day, Fartcoin [FARTCOIN] saw a strong upswing on its price charts. During this period, the memecoin surged from $0.40 to a monthly high of $0.517.

Memecoin Fartcoin [FARTCOIN] saw a strong upswing over the past day. During this period, the memecoin surged from $0.40 to a monthly high of $0.517. This marked a 22.4% increase on daily charts.

In fact, at the time of writing, Fartcoin was trading at $0.495. The memecoin’s daily trading volume had spiked to $123 million with a total volume of $1.3 billion according to Coinglass.

Additionally, Open Interest had risen by 12.73% to $196.26 million.

With Fartcoin making such massive gains, the question is – Can the memecoin sustain them?

Can Fartcoin sustain recent gains?

According to AMBCrypto’s analysis, Fartcoin was experiencing significant demand as investors continually opened new positions. This had resulted in a strong upward momentum build.

For starters, we can see this rising demand as Fartcoin’s RSI had risen sustainably over the past 10 days from 41 to 61 at press time. This increase suggested that buyers were currently in total control of the market.

With buyers strongly holding the market, an upward momentum was continually strengthening. This momentum was validated by a rising +DI of DMI which had risen to 25.6 while -DI had declined to 15.

When DMI is set like this, it signals a continuation of the current trend. As such, holding factors constant, while positive DI continues to rise, an upward movement is likely to continue.

Looking further, Fartcoin’s Funding Rate Aggregated by Exchange had remained positive over the past two days.

When this turns positive, it signals bullish sentiment, with long position holders paying shorts a premium fee to hold their trade. This implies that traders expect prices to rise even further.

This bullishness was evident in the Long/Short Ratio, which remained above 1, with longs accounting for 50.60% of Futures contracts.

This suggests that most investors are bullish and expect prices to rise in the near term.

Therefore, based on our analysis above, investors are very bullish and anticipate Fartcoin to keep up with the demand and rise further.

If these sentiments can hold and a daily close above $0.5, the memecoin will attempt a move towards $0.54. Conversely, if sellers decide to reenter as profit margins rise, a correction here will force a retrace to $0.44.