NewsletterSolana Meme Coin Fartcoin Price Is Up 500% in 11 Days, What’s Next?
Fartcoin, a popular Solana-based token, is up 500% in just 11 days and shows no signs of stopping. Despite the recent crash in Bitcoin price below $100,000 that caused altcoins to drop double-digits, FARTCOIN continues to trend higher. Let’s explore what’s next for this token.
Fartcoin Price Ready To Shoot higher?
Despite being a top meme coin, Fartcoin has achieved a market cap of $1 billion as a result of its popularity. Due to this factor, its value has climbed a whopping 528% in just 11 days, starting December 7.
Even as it trades around $1, it shows no signs of stopping with price producing higher highs and higher lows. Although Bitcoin’s December 18 crash caused many altcoins to break key support levels, FARTCOIN has bounced 57% since Wednesday’s bottom while the crypto market struggles with recovery.
Fartcoin Technical Analysis: What’s Next?
Fartcoin price consolidated for four days, starting December 13. The Fed-induced market crash on December 18, produced a local bottom at $0.703 and has since shot up 57% to set up a temporary top at $1.109, a new ATH.
Using Trend-based Fibonacci extension level the next target for Fartcoin price is 161.8% Fib level at $1.253. Roughly 16% away from the current price. However, the uptrend might happen after a minor pullback to the $0.916 support level. This level was the range high of the aforementioned consolidation and is likely to serve as a good place for sidelined buyers to step in.
A bounce off $0.916 could send Fartcoin price up by 16% to $1.253. The next key hurdle is Fib 261.8% at $1.595, roughly 74% from $0.916.
On the other hand, if Fartcoin price fails to hold above the $0.916 support floor, it could collapse nearly 30% to the next critical foothold at $0.659. A good place to accumulate, but a breakdown of this level could trigger a 42% crash to the next key imbalance zone, extending from $0.378 to $0.336.
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