FARTCOIN Pumps 17%: Will Bulls Stay in Full Control for the Long Run?

• FARTCOIN is hovering around the $0.45 mark.
• Daily trading volume has surged by over 21%.

As of 6th January, the digital assets are attempting to shift the momentum to the bullish side. With the neutral market sentiment, the crypto prices are on a recovery pace, and that includes Bitcoin (BTC) and Ethereum (ETH). They have climbed back to their recent highs, escaping the bear hold. Meanwhile, FARTCOIN has registered a steady jump of over 17.76%. 

The asset kicked off the day trading at a bottom range of $0.3715. As the bullish encounter hit the FARTCOIN market, it triggered the price to mount to a high of $0.453. It has been tested and broken the crucial resistance zones between $0.3752 and $0.4518 to confirm the strength of the uptrend. 

As per CMC data, with a $448.57 million market cap, at the time of writing, FARTCOIN hovers around $0.4555. Besides, the daily trading volume has surged by over 21.06%, reaching the $200.41 million mark. According to Coinglass data, the market has experienced $3.55 million in FARTCOIN liquidations.

Does FARTCOIN Still Have Fuel for Further Gains?

FARTCOIN’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line is found above the signal line, inferring bullish momentum. The short-term price action is stronger than the longer-term, with a potential continuation of an uptrend.

FARTCOIN chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator is resting at 0.19, which implies strong buying pressure in the asset’s market. Notably, the capital inflows are positive with this reading. It shows accumulation, and it is likely supporting the bullish price bias. 

The trading pattern of FARTCOIN reports the upside trajectory, with the price expected to climb and test the resistance range at around $0.48. If the bullish pressure potentially strengthens, the golden cross might emerge and push the price toward $0.5148 or even higher. 

On the downside, upon the entry of the FARTCOIN bears, the price could retrace to the $0.42 support level. Assuming the bearish correction intensifies, more losses might follow, reaching $0.3927. The death cross would take place to pull the asset’s price movement even lower. 

Moreover, the daily Relative Strength Index (RSI) is at 78.27, indicating the asset is in overbought territory. With the strong bullish sentiment, it may also face a potential pullback or consolidation if buying pressure starts to cool. The Bull Bear Power (BBP) value of FARTCOIN at 0.1056 suggests slight bullish dominance. Significantly, the ongoing momentum is not aggressive enough, so the strength of the price movement may need a push.

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