$SOL $BTC $ETH Will Fartcoins reach $10? Fartcoin Beats Bonk Following Blowing Past $1 Billion
Meme currencies have skyrocketed in the last 24 hours, and the Fartcoin (FARTCOin) rise is not stopping as it now targets to flip its Solana-based competitor Bonk.
FARTCOIN rose by 10.3% in the previous 24 hours and now sits at $1.17 while its market capitalization has climbed to $1.17 billion.
Its market value eventually exceeded BONK's, although only momentarily at some point during yesterday's session as the latter soared rapidly.
Since its price has surged by 22.9% to drive its market capital value to $1.27 billion, Bonk has now exceeded FARTCOIN once again. With over 30% of the Solana meme currency in circulation, trading volumes for the top coin have soared by 242% to $375 million.
While other top assets in this category like Dogecoin (DOGE) logged losses during this same time, the token has made a stunning recovery in the last few weeks and withstood the slump of the market with monthly profits of 110%.
Examining FARTCOIN's chart reveals that the rise has reached a territory where traders should exercise caution as the uptrend could be deteriorating.
Pullbacks allow late FARTCOIN buyers to benefit.
The hourly price movement indicates that the strong increase of the token has created a rising wedge in the previous several days.
For the time , FARTCOIN seems to be grouping between $1.12 and $1.20. But the Relative Strength Index (RSI) has already repeatedly dropped below its 14-day simple moving average (SMA), therefore indicating a declining trend.
The MACD's histogram has also entered negative area and been showing ever greater negative values.
Should FARTCOIN fall below the 21-day EMA, early investors may draw back temporarily in search of profit locking-in.
But given the token's increasing popularity and great community momentum, it does not preclude out a near future jump to $2 — or perhaps $10.
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