Fartcoin (FRTC) Price Analysis: Bulls Bounce Back After 50% Drop, Targeting New Highs

Fartcoin (FRTC) has witnessed volatility for the past few weeks. The FRT

The price of Fartcoin (FRTC) has been experiencing high volatility over the past few weeks. It has seen drastic ups and downs, making it an interesting subject for analysis.

After losing 50% in a week and reaching the previous support level of $0.80, Fartcoin saw a remarkable recovery. Bulls stepped in and drove the price up sharply, forming a V-shaped pattern on the daily time frame.

At the time of writing, Fartcoin was trading at $1.21, down 5.27% over the past 24 hours, with a market capitalization of $1.2 Billion and a 24-hour trading volume of $154.02 Million.

The price had earlier bounced off the support zone of $0.80, showing strength and leading to a gain of around 90% over the past two days. In this bull run, the price managed to cross the 20-day EMA.

If the FRTCC price manages to sustain above the 20-day EMA, it could indicate strong buying pressure. As buyers gain confidence, we might see the price reach a new all-time high.

On the other hand, if the Fartcoin coin drops below the 20-day EMA, it could generate a selling signal. Losing the 20-day EMA might spread fear among investors and traders. Most traders and investors would prefer to book profit, leading to a sharp decline.

Fartcoin Price Analysis: 4-H Timeframe Technical Analysis

The technical chart shows that Fartcoin price triggered a breakout from a descending channel in a 4-H time frame. Following the strong breakout, the token surged by more than 80%, triggering a pullback and reacting positively.

Encountering resistance at $1.30, the Fartcoin price may trigger a decline. However, if the price recovers and crosses the current resistance level, it could attract buyers.

If the price fails to sustain at this level, we might see another strong movement. Buyers will lose confidence if the price fails to cross $1.80, triggering a bearish rally as it drops below the 20-day EMA.

The RSI formed a positive divergence during the last four hours. While the Fartcoin price has not cooperated, the RSI has continued to rise.

Fartcoin Price Analysis: Chart Structure

The Fartcoin price has seen a significant bullish trend, with a 90% surge in price over the past two days. The breakout above the 20-day EMA suggested strong buying momentum.

Moreover, the formation of a double-bottom pattern may indicate further upside potential. This could happen if the price is above key support levels.

However, the recent resistance at $1.30 presented a critical point. Failure to break through this level could dampen bullish sentiment and lead to a bearish pullback.

Traders should closely monitor the price action around the 20-day EMA. That’s because a dip below this could trigger selling pressure and potential profit-taking among investors.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.