The hourly FARTCOIN chart shows the price returned to the all-time high of $1.30 after a sharp decline and is now traded slightly below it. The Elliott Wave structure is visible, with a 5-wave upward trend still being developed.
FARTCOINUSD at all-time high | Credit: Nikola Lazic/TradingView
In the current price action, Fartcoin has surged after completing a corrective wave, as highlighted by the 1-4 trend.
The impulsive wave 5 seems to be breaking through significant Fibonacci levels, especially near the 0.618 level, indicating a potential upward movement if these levels hold.
The Relative Strength Index (RSI) has reached overbought territory, suggesting a pullback or consolidation may be imminent.
The market should be cautious as the price approaches the higher levels of Fibonacci resistance, as there could be some hesitation before the next major move. Watch for confirmation of sustained momentum.
Key Observations
Fartcoin is currently in the fifth wave of an Elliott Wave structure.
Fibonacci retracement levels indicate potential resistance at 0.786 and 0.618.
RSI shows overbought conditions, indicating a possible pullback.
Strong upward momentum could lead to further price increases if resistance levels are surpassed.
FARTCOIN Price Prediction
Zooming into the 15-minute chart, we can see there is potential for a corrective wave following the completion of a 5-wave upward trend of a lower degree count.
The price is currently consolidated, with a possible ABC correction. The lower Fibonacci levels (0.236 to 0.618) are key zones to observe for potential support during the correction.
FARTCOINUSD two scenarios ahead | Credit: Nikola Lazic/TradingView
The RSI is approaching the 40 level, indicating weakening momentum. This suggests further consolidation or a pullback before any new upward movement.
A bounce at 0.236 Fibonacci retracement levels would suggest continuing the bullish trend, but if the price fails to hold above this level, deeper corrections may follow.
After reaching a low of $0.58 on Dec. 23, the price increased by 120% to revisit the all-time high.
This could be the second sub-wave (B) of the developing ABC correction or the developing Wave 5 from the highest degree five-wave impulse.
If the first is true, we should see an immediate drop below the 0.236 Fib, but if the price is forming its last five-wave impulse, one higher high would be expected, leading to the $1.60 area.
Key Levels to Watch
0.382 Fibonacci level: $0.86
0.5 Fibonacci level: $0.72
0.618 Fibonacci level: $0.59
Resistance at the $1.31 level (near wave 5 peaks)
Support at $0.14 (near the low of the correction)
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
