The past 24 hours have been quite eventful and captivating, particularly for holders of FARTCOIN, as this popular memecoin experienced a significant uptrend on the charts, propelling it to a fresh all-time high of $1.94. Additionally, its market capitalization surged to an unprecedented high of $1.87 billion.
It is worth noting that currently, the altcoin has retraced slightly following a price pullback. Nevertheless, FARTCOIN still managed to achieve gains of nearly 30% on the daily chart, along with monthly profits exceeding 98%.
Given the recent price surge, one cannot help but ponder – Will the market be able to sustain this upward trend and reach new peaks?
Is the memecoin poised to maintain its upward momentum?
According to insights from CryptoCrypto’s analysis, FARTCOIN’s price surge has been supported by strong upward momentum, complemented by an increase in buying pressure.
Under these circumstances, the memecoin appears to be well-positioned for further price appreciation on the charts.
An indication of this upward momentum is manifested through a bullish crossover on its NMACD. Such a crossover signifies that the asset is consistently achieving higher highs with more gains than losses.
This bullish trend is further corroborated by another bullish crossover on the RSI, indicating that buyers are currently dominating the market sentiment.
Furthermore, FARTCOIN’s Open Interest has surged to reach a record high of $245.5 million. A surge in Open Interest suggests that investors are consistently initiating new trades while existing positions remain intact.
This market trend reflects an overall bullish sentiment prevailing among participants.
Moreover, the heightened demand for long positions serves as additional evidence of the prevailing bullish sentiment.
For example, according to Coinglass, long positions have been dominating the market with 52% of total positions. This indicates that the majority of investors hold a bullish outlook and anticipate a rise in the cryptocurrency’s price.
Lastly, recent investor sentiment surrounding FARTCOIN has shifted towards positivity after a previous downturn into negative territory.
This shift in sentiment further reinforces our earlier observation regarding the market’s direction, as more participants anticipate further gains.
What are the projected price levels for the memecoin?
With investors of the altcoin expressing bullish sentiments and buyers exerting significant influence over the market, FARTCOIN seems well-positioned for potential growth.
Therefore, should these optimistic sentiments persist, the cryptocurrency is likely to surpass $1.94 and breach the $2 mark, establishing a new high. Conversely, a corrective pullback could lead to a decline to $1.6.