Fartcoin hits 3-month high: But traders, don’t rush to sell – Here’s why
With longs piling in and outflows rising, is Fartcoin ready to pump again or about to stall?
- Fartcoin jumped 12% in 24 hours, hitting a 3-month high of $1.25 as demand surged.
- The memecoin showed strong upward momentum, with buyers firmly in control.
Over the past 24 hours, Fartcoin [FARTCOIN] has emerged as the top gainer, outperforming other crypto assets. In fact, the memecoin has spiked to reach a three-month high of $1.25.
Since reaching a low of $0.41, Fartcoin has traded within an ascending channel.
At press time, it traded at $2.249—up 12.23% on the daily chart.
During the same period, the memecoin’s historical volume has surged by 39% to reach $2 billion. On top of that, Open Interest jumped by 14.3% to reach $611 million—suggesting traders were increasing exposure to the asset.
Looking at the memecoins’ Funding Rate Aggregated by Exchanges, it shows that investors are entering the market and mostly taking long positions.
AMBCrypto observed that this metric has stayed positive over the past week, indicating strong demand for long positions.
A positive reading signifies that the majority of market participants expect prices to continue rising.
Demand appeared to outweigh supply
Additionally, the increased demand means buyers are now enjoying the upper hand in the market.
Moreover, demand appeared to outweigh supply. Fartcoin’s Spot Netflow stayed negative for four consecutive days, hinting at accumulation.
With the demand for Fartcoin rising, the question is whether the memecoin can hold the momentum for prices to rally.
Can Fartcoin maintain the upward momentum?
According to AMBCrypto’s analysis, Fartcoin is experiencing strong upward momentum with buyers dominating the market. Therefore, the prevailing market conditions position the memecoin for further gains on its price charts.
For starters, looking at Fartcoin’s Stoch RSI, this momentum indicator has hit 89.6 since making a bullish crossover three days ago.
Such an upswing indicates a strong upward momentum and confirms the potential for the continuation of the current trend.
The Relative Strength Index (RSI) has made a bullish crossover, confirming heightened buying pressure for Fartcoin.
As observed earlier, the memecoin is experiencing strong demand, with sellers being displaced and upward momentum continuing to strengthen.
If current market conditions remain favorable, Fartcoin could sustain its momentum and reach $1.4. However, if holders capitalize on the rally to take profits, it could trigger a market correction.
In the event of a pullback, Fartcoin is likely to find its next support level around $1.16.
