A 21% drop has pushed the price of Fartcoin down to about $0.85.
The daily trading volume has increased by more than 53%.
The cryptocurrency market opened today with a decline, failing to maintain the recent recovery attempt. As a result, major currencies, including the largest assets like Bitcoin and Ethereum, have decreased. A steady rise is the only thing that can stimulate recovery from the grip of the downturn.
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Among the altcoins, Fartcoin has registered a strong correction exceeding 21.17% over the past 24 hours. According to CoinMarketCap data, the asset traded in the early hours at its peak at $1.09. With the bearish pressure, the price dropped to its lowest at $0.855.
With a market cap of $861.07 million, Fartcoin is currently trading at around $0.8598. Meanwhile, the daily trading volume has increased by more than 53.85% to reach $285.62 million. Additionally, the market has seen a liquidation of $9.98 million.
The Fartcoin price chart over the past thirty days shows an increase of approximately 30.48%. Fartcoin started trading this month within a range of $1.25, reaching a high and low of $1.67 and $0.88 respectively. The asset has faced a series of ups and downs, reaching the current trading level.
Can Fartcoin remain stuck in the decline?
The technical assessment of Fartcoin indicates that the Moving Average Convergence Divergence (MACD) line is below the zero line, but the signal line is above the zero line. This crossover indicates that the overall trend is bearish, with the possibility of shifting towards the bullish area.
Fartcoin chart (Source: TradingView)
Moreover, the Chaikin Money Flow (CMF) indicator for the asset, which was found at -0.20, indicates moderate selling pressure in the market. Notably, the outflows of capital are greater than the inflows, showing a downward trend. If the value continues to decline, it may likely indicate stronger bearish momentum.
The four-hour trading pattern shows negative expectations. With the bears in control, the price of Fartcoin may decline and test the nearby support level at $0.8592. Any potential downward correction could lead to a death cross, pushing the price toward the range of $0.8586.
On the positive side, assuming the bulls take control, the price of the asset may rise to the resistance level of $0.8604. Further upward correction could push Fartcoin to its next resistance level at $0.8610. It would also bring about a golden cross for further gains.
Fartcoin chart (Source: TradingView)
Furthermore, the daily Relative Strength Index (RSI) for the asset is at 29.74, placing it in the oversold territory. It may see a rebound, although it could remain in the oversold area amid strong bearish trends. The Bull Bear Power (BBP) reading for Fartcoin at -0.2097 indicates bearish dominance in the market. If the value decreases further, the bearish pressure may intensify.
