FARTCOIN Price Rally Extends to 300%, Yet Data Shows Market Top Not In

Key Takeaways

• FARTCOIN price has retested $1.45, continuing a powerful uptrend with no significant correction since March.
• At 1.75, the MVRV metric indicates FARTCOIN is not overvalued and could rally further before hitting a top.
• The daily chart shows a classic bullish continuation pattern, with a possible return to the January high near $2.61.

Fartcoin (FARTCOIN), the Solana-based memecoin, jumped to $1.45 today, pushing its 90-day gain to a staggering 300%. While such a rally mostly signals a looming market top, the data tells a different story.

On-chain and technical indicators suggest FARTCOIN still has fuel left in the tank. This analysis breaks down the signals supporting continued upside and what could come next for the memecoin’s price.

FARTCOIN Pushes Higher

On Monday, May 19, FARTCOIN’s price dipped to $1.20, showing signs that it could break below the ascending channel. But that did not happen.

Instead, the memecoin bounced back and kept hitting lower and higher highs. This development has ensured that FARTCOIN’s price has not experienced a notable correction since the early days of March.

Amid the recent jump, the daily chart shows that the Chaikin Money Flow (CMF) has crossed the zero line. At press time, the CMF reading was 0.21.

Typically, the CMF tracks the level of accumulation and distribution around a cryptocurrency. When it is below zero, it indicates rising selling pressure.

On the other hand, a rise above the zero signal line indicates buying pressure. Therefore, if the CMF stays above the zero line, then FARTCOIN’s price will likely see a run close to $2 in the short term.

No Euphoria Detected

From an on-chain point of view, Glassnode data reveals that FARTCOIN’s recent rally has pushed its Market Value to Realized Value (MVRV) ratio to 1.75, well below the historical top range between 2.87 and 3.20.

The MVRV ratio gauges whether a crypto asset is overvalued or still has room to grow. In FARTCOIN’s case, the current reading suggests that the memecoin hasn’t yet reached a peak and could continue climbing.

In addition, the market value remains well above its realized price of $0.80, reinforcing strong on-chain support and indicating more upside potential in the near term.

FARTCOIN Price Analysis

Regarding its short-term targets, CCN observed that the FARTCOIN has maintained the rounding bottom pattern. This suggests that the memecoin will likely move toward the peak it reached in January.

In addition, the Awesome Oscillator (AO) reading has maintained its positive reading. The rise in the AO reading indicates bullish momentum, indicating that the FARTCOIN’s price could return to the historic rally toward $2.61.

In addition, the Relative Strength Index (RSI) has also held above the 50.00 neutral line. Like the AO, this indicates positive momentum.

Should this trend continue, FARTCOIN’s price might hit $1.75 soon. If validated, this could drive the cryptocurrency’s value toward $2.13 near the 0.236 Fibonacci level.

On the flip side, if selling pressure comes into play, the prediction might not pass. In that scenario, FARTCOIN might break below the support at $1.14 and drop toward $0.70.