FARTCOIN Breaks Above $1 Milestone but Momentum Shows Signs of Slowing

Key Takeaways

• FARTCOIN has increased by over 400% since its March lows.
• The FARTCOIN price trades inside an ascending parallel channel.
• Will FARTCOIN sustain its increase above $1, or is the rally ending?

The FARTCOIN price fell 92% in the three months after its all-time high of $1.74 on Jan. 19.

However, the price started a bullish trend reversal on March 10, increasing by over 400%.

With FARTCOIN briefly moving above $1 today, it is worth examining the charts to determine how long the increase will continue.

Fartcoin Near Resistance

The FARTCOIN price has increased by over 400% since its March lows.

FARTCOIN created several higher highs and lows, culminating with a high of $1.06 today, on April 22.

Despite its impressive increase, the price is showing some signs of weakness.

Firstly, an ascending parallel channel contains the rally, indicating it is corrective.

Secondly, the price of FARTCOIN is nearing a critical confluence of resistances near $1.15, which could act as the top.

Furthermore, technical indicators are showing bearish signs.

Bearish divergences (orange) are brewing in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD), though they are not confirmed.

So, the FARTCOIN price may soon reach its top and begin a downward movement.

FARTCOIN Price Top

The long-term wave count makes a bearish prediction, suggesting that the FARTCOIN price may soon reach its peak.

According to the count, FARTCOIN completed a five-wave upward movement (green) and is now correcting in an A-B-C structure.

If so, it is currently in wave B, after which FARTCOIN’s price could decline again. The sub-wave count is in black.

Besides the confluence of resistances and the presence of the channel, giving sub-wave C the same length as sub-wave A leads to a high of $1.10.

The minor sub-wave count (orange) also fits, showing a completed five-wave increase for sub-wave C.

The count will be validated with a close below the $0.95 resistance, confirming the deviation above the previous high and the start of a new downward movement.

FARTCOIN’s Rally Ending

FARTCOIN has been one of the leaders of the crypto market recovery since March, increasing by over 400%.

However, the rally might be coming to an end. The price action, indicator readings, and wave count suggest a top is imminent.

If the analysis is accurate, the price of FARTCOIN will reach a high of nearly $1.10 and then begin a downward movement.