Fartcoin Price Shrugs Off Market Wipeout — Here’s Why It Could Double Again

Key Takeaways

• FARTCOIN’s price is close to reaching a 56-day high.
• FARTCOIN has rallied by 200% since its March 11 low.
• How long will FARTCOIN’s upward movement continue?
• Interested in buying or selling FARTCOIN? Read our review of the best exchanges to buy and sell FARTCOIN.

The crypto market crashed last week, setting the stage for a Black Monday on April 7. However, this did not happen. While most cryptocurrencies opened the day in the red, they rallied toward the end and reached bullish daily closes.

Nowhere was this more evident than in the FARTCOIN chart, which created a bullish engulfing candlestick and is now close to breaking out from its primary resistance at $0.60.

Let’s examine the charts and see if the price can break out. If it does, how far can it go?

FARTCOIN Price Breakout

The FARTCOIN price fell significantly after its all-time high, losing 93% of its value and culminating with a low of $0.198.

The price regained its footing afterward, breaking out from a descending resistance trend line and reaching a high of $0.64.

While FARTCOIN fell to begin last week, it bounced at the $0.40 horizontal area (green icon).

As predicted by CCN analyst Victor Olanrewaju last week, the FARTCOIN price rose to $0.60 again after the bounce.

Technical indicators support the upward movement and suggest the trend is bullish.

The Relative Strength Index (RSI) generated a bullish divergence (orange) before the rally and is above 50.

The Moving Average Convergence/Divergence (MACD) generated a similar divergence and is positive.

So, the daily time frame chart suggests the FARTCOIN trend is bullish, and new highs are likely.

Will FARTCOIN’s Increase Continue?

The daily time frame chart suggests FARTCOIN will continue increasing because of its bullish wave count.

According to the wave count, FARTCOIN completed a five-wave downward movement (red), a leading diagonal for a lengthier correction.

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Now, the price is increasing inside an A-B-C corrective structure. Wave B ended with a bounce (green icon) at the 0.618 Fibonacci retracement support level.

If the count is accurate, FARTCOIN is currently in wave C of this structure, confirmed with a breakout above $0.60.

The first target for the top of the increase is $0.82, created by giving wave C 0.618 times the length of wave A.

However, a more likely target is $1.12-$1.16, giving wave C the same length as wave A while reaching the 0.382 Fibonacci retracement resistance level and a horizontal resistance area.

Since the long-term count is bearish, the FARTCOIN price will likely begin a downward movement after it reaches the target.

Fartcoin Above $1

The FARTCOIN price showed incredible resilience by retracing its losses and reaching the primary resistance at $0.60.

The price action and wave count suggest a breakout is likely. If one happens, FARTCOIN can reach the $1.12-$1.16 range.