Solana Meme Coin Fartcoin Price Is Up 500% in 11 Days, What’s Next?

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As a seasoned crypto investor with a knack for spotting promising altcoins, I must admit that Fartcoin has caught my attention. Having weathered numerous market crashes and witnessed the rise and fall of countless tokens, I can confidently say that this meme coin’s performance is nothing short of impressive.

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?

Although Fartcoin is well-known as a meme cryptocurrency, it has managed to reach a market capitalization of $1 billion primarily due to its widespread popularity. Consequently, its value surged by an astonishing 528% in merely 11 days, with the rise commencing on December 7.

Despite being valued at approximately $1, Fartcoin continues to surge without showing any signs of slowing down, as it consistently sets new highs and highs. Interestingly, even though Bitcoin’s recent crash on December 18 led many altcoins to breach their crucial support levels, Fartcoin has remarkably rebounded by 57% since its low point on Wednesday, while the broader crypto market grapples with recovery efforts.

Fartcoin Technical Analysis: What’s Next?

For four consecutive days from December 13th, the price of Fartcoin stabilized. However, a market crash triggered by the Federal Reserve on December 18th created a local low point at $0.703. Since then, it has climbed an impressive 57%, reaching a temporary high of $1.109 – a new all-time high (ATH).

Based on trend-following Fibonacci extension, the projected price target for Fartcoin could reach approximately $1.253, which represents a 161.8% Fibonacci level. This is around 16% higher than the current price. However, before this potential uptrend, there might be a brief dip towards the support level of $0.916. This level was previously the upper boundary of the mentioned consolidation period and could attract sidelined buyers to re-enter the market.

If the value of Fartcoin rebounds to approximately $0.916, it could potentially surge by 16%, reaching around $1.253. However, a significant challenge ahead lies at the 261.8% Fibonacci level, which is roughly $1.595 and represents an increase of about 74% from $0.916.

Should the Fartcoin price fail to sustain above the $0.916 support, it may plummet by approximately 30% towards the subsequent crucial resistance at $0.659. This could represent a promising area for accumulation, but if this level breaks down, it might initiate a 42% tumble, reaching the next significant imbalance zone spanning from $0.378 to $0.336.

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2024-12-19 17:21