Since mid-August, Fartcoin (FARTCOIN) has continuously faced selling pressure as traders become more cautious due to weakening signals indicated by both technical analysis and on-chain data in recent trading sessions.
According to data from Bitcoin Magazine, in the past 24 hours, this memecoin has decreased by nearly 2%, currently fluctuating around 0.95 USD after falling below the 1 USD mark. This decline clearly reflects an increasing wave of hesitation from buyers and a growing risk-averse sentiment across the cryptocurrency market.
Moreover, the trading volume of FARTCOIN has also faced a similar fate, showing that buyers' confidence is clearly weakening.
Fartcoin stagnates before important Fibonacci levels
Fartcoin continues to struggle in the support range of 0.90–0.95 USD after being repeatedly rejected at higher Fibonacci retracement levels. The resistance zones around the 1.32 USD and 1.4 USD marks have yet to be broken, further highlighting the persistent selling pressure.
Additionally, at the time of writing, the Relative Strength Index (RSI) is only around 42, reflecting quite weak buying momentum. However, the price accumulating around this support zone also suggests that a decisive breakout may occur soon.
If Fartcoin breaks below 0.9 USD, the likelihood of a downward momentum accelerating is high. Conversely, if it can hold this level, the price may bounce back in the short term.
OI decreases while the Short side dominates
Derivatives market data continues to reinforce the pessimistic context for this memecoin. At the time of writing, the Open Interest (OI) volume has decreased by 8.29% to 724.56 million USD, indicating a declining trader participation rate and weakening speculative appetite.
This reflects that investors are more inclined to close their positions rather than open new ones. Additionally, the Long/Short ratio stands at 0.88, with 46.9% long positions compared to 53.1% short positions, confirming that the selling side is in control.
Network growth continues to weaken
On-chain indicators also reinforce the negative trend, as the Network Growth indicator has sharply decreased to only 201 new addresses on August 16, compared to a peak of over 12,000 wallets in July.
This sharp decline indicates a slowdown in network expansion and user participation levels.
At the same time, the Social Dominance index (the ratio of discussions related to Fartcoin compared to the entire market) has also dropped to only 0.096%, much lower than the peak of 0.35% at the end of July, indicating that the interest in FARTCOIN on social media has weakened significantly.
Conclusion
Fartcoin continues to face difficulties as technical momentum weakens, OI plunges alongside a decline in network activity.
Unless buyers can reclaim key resistance levels and on-chain activity signals recovery, this memecoin remains at risk of breaking through the current support zone.