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FARTCOIN surges 18% as traders eye a bigger rally – Can it happen?
FARTCOIN has recently experienced a stunning surge of 18%, leaving many wondering if the asset can continue to rise. Despite encountering a key resistance zone at $0.522, which may trigger a price drop, AMBCrypto’s analysis suggests that FARTCOIN is likely to continue its upward trajectory.
According to our analysis, the asset has demonstrated significant buying interest from market participants, as reflected in an increase of both general and derivatives volume. The Open Interest-Weighted Funding Rate has also moved into positive territory, indicating that traders are paying a premium to maintain long positions.
We have observed that the Relative Strength Index (RSI) is suggesting a short-term decline may occur before a renewed rally can be expected. However, it’s essential to note that the RSI line remains above the 50 level, implying that FARTCOIN still maintains its bullish momentum and any potential drop would likely be a minor retracement.
Furthermore, our analysis highlights that the Moving Average Convergence Divergence (MACD) has remained strongly bullish. The MACD line has crossed into positive territory with a reading of 0.00616, ahead of the signal line at 0.00399. This indicator suggests that FARTCOIN remains in a bullish zone and may potentially experience a strong rally if it reaches the 50% retracement zone.
In addition to these factors, market sentiment has remained robust as shown by the growth of derivatives volume and a long-to-short ratio remaining positive at 1.0004, indicating that buying volume exceeds selling volume.
Overall, while there may be slight fluctuations before a continued rally, AMBCrypto is confident in its analysis suggesting FARTCOIN’s upward trajectory will continue.
Source: https://ambcrypto.com/fartcoin-surges-18-as-traders-eye-a-bigger-rally-can-it-happen/
