Fartcoin is facing sharp bearish pressure on the daily technical chart.
The price of Fartcoin is trading below the key exponential moving averages, indicating bearish signals.
Fartcoin is experiencing a sharp bearish reversal, having lost its previous bullish momentum, and is currently under severe bearish pressure across various technical indicators. The token has lost about 12% over the past 24 hours according to CoinMarketCap data, continuing a sharp selling wave that has lasted a month, and has seen a price drop of nearly 40%.
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The technical chart shows a concerning decline in price action, as Fartcoin has clearly fallen below its 50-day and 200-day exponential moving averages. Currently, the meme coin is trading at a price of approximately $0.7975, which is significantly below its 50-day exponential moving average and below its critical 200-day exponential moving average, indicating a loss of support levels in both the short and long term. Typically, falling below the key moving averages indicates a shift in market structure toward bearishness.
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The MACD indicator is also showing bearish momentum with negative values and a bearish crossover, as the MACD line crossed below the signal line. The chart shows mostly red bars, indicating that bearish momentum is increasing in strength. This technical indicator suggests increasing selling pressure, and the likelihood of the downward trend continuing in the near future.
What's next for the price of Fartcoin?
Source: Tradingview
The price of Fartcoin supports this downward trend, as the Relative Strength Index (RSI) has dropped into the negative area at 43.55, which is a level in the oversold zone, but it still shows low levels of buying interest. The decline in the Relative Strength Index from higher levels indicates a complete dispersion of bullish momentum.
Market sentiment has become extremely negative, as the sentiment index consistently records bearish readings. The decline in sentiment, the technical breakdown below key support levels, and the deterioration of momentum indicators cast doubt on the outlook for Fartcoin holders.
Technically, the coin appears to be in a steady downward trend, with the potential for further losses. Key support levels to watch are the psychological levels around $0.70, along with any significant previous lows. Technical analysis indicates a downward trend until Fartcoin regains its moving averages and shows signs of improvement in momentum indicators, meaning traders should exercise caution and take risk management measures when trading this highly volatile situation.
