FARTCOIN Price Jumps After Breaking Major Resistance — Bullish Trend Confirmed

Key Takeaways

• Breakout signal from the descending trendline.
• Elliott Wave impulse suggests a new uptrend phase.
• Fibonacci targets point to $0.82 and $1.05.

FARTCOIN has shown signs of a potential reversal after a significant downtrend. The 4-hour chart suggests a completed corrective pattern.

Meanwhile, the 1-hour chart hints at the beginning of a new impulsive wave, targeting higher Fibonacci extensions.

This analysis breaks down both the broader price trend and the short-term outlook.

FARTCOIN Price Analysis

The 4-hour chart of FARTCOIN reveals a complete five-wave Elliott Wave sequence that peaked at $2.74 on Jan. 19.

An ABC corrective structure followed, forming a descending channel, sending prices below the 0.786 Fibonacci retracement level to a low of $0.0 on Feb 6.

After bottoming and retesting the $0.40 area, price action successfully broke out of the descending channel, suggesting that the correction may be over.

A key confirmation for this comes from the 4-hour Relative Strength Index (RSI), which rebounded from oversold conditions and trended upwards.

However, the price remains at the 0.618 Fibonacci retracement level, which is a critical resistance level for confirming a broader reversal.

On Feb. 11, it reached a high of $0.70 before showing signs of struggle, but this could be a temporary pullback before the next runup.

The next major test is the 0.618 retracement at $1, which previously acted as a pivot point during the decline.

If FARTCOIN successfully reclaims this zone, moving toward the 0.382 retracement at $1.70 becomes more likely. 

FARTCOIN must maintain bullish momentum above the 0.786 level at $0.60. A drop below this would invalidate the current recovery attempt and suggest a deeper correction.

FARTCOIN Price Prediction

On the 1-hour chart, the Elliott Wave count indicates the development of a new five-wave impulse. The first sub-wave (i) formed a strong breakout from the channel on Feb. 8, rising 55% from $0.40 to $0.62, and the subsequent pullback in wave (ii) found support at $4.61.

This is a typical setup for a wave (iii) rally, which could already be forming. We saw a higher high of $0.71, and more short-term upside is expected. 

The Fibonacci extension tool provides potential targets for wave (iii). The 1.618 extension at $0.82 is the next logical resistance, while the 2.0 extension at $0.90 offers a secondary upside target. If wave (iii) extends further, the 2.272 ($0.96) and 2.618 ($1.04) levels become relevant.

Following wave (iii), a corrective wave (iv) could see a slight retracement, potentially finding support near the $0.68 level. If the bullish momentum remains intact, wave (v) could push the price toward even higher levels. 

The RSI on the 1-hour chart is currently neutral, meaning there is room for further upside before overbought conditions develop.

However, if the price fails to hold above $0.60, the corrective phase may not be over, and a retest of lower support levels could occur.

Key Levels to Watch

• Immediate Resistance: $0.82 (1.618 Fibonacci extension).
• Key Resistance: $1.05 (0.618 Fibonacci retracement).
• Major Resistance: $1.38 (0.5 Fibonacci retracement).
• Immediate Support: $0.60 (0.786 Fibonacci retracement).
• Key Support: $0.53 (wave ii Fibonacci retracement).
• Critical Support: $0.46 (breakout invalidation level).
• Short-Term Target: $0.90 – $1.05 if wave (iii) unfolds as expected.
• Invalidation Zone: Below $0.46, indicating continued downside risk.