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Fartcoin floats toward $0.64 resistance: Is a new uptrend in play?
After a significant correction of 40%, the Fartcoin price appears to be reversing its bearish trend, with bulls gaining momentum and pushing the asset upward. As a result, traders are now wondering whether this newfound bullishness could lead to a new uptrend.
The 1-day chart reveals that Fartcoin is heading toward the $0.64 resistance level, which was previously considered as strong support in late February and early March. If the asset can flip this level into support, it may signal the start of a new upward trend.
Interestingly, the price action has already led to a remarkable 35% gain since the lows on April 1st, with bulls still holding momentum. This rapid increase could be indicative of strong buying pressure and suggests that traders are now optimistic about Fartcoin’s future prospects.
In addition, it is noteworthy that recent trading activity has seen significant liquidity building up at $0.64, as well as $0.56 and $0.6. Based on this data, the possibility of a rally toward these levels appears to be more probable than a reversal back down to previous lows.
While there may not be an overwhelmingly strong buying pressure evident in the volume indicators, traders should take note that the OBV (On Balance Volume) was just short of breaking above late February’s highs. This subtle increase in buying power further corroborates the argument for a potential uptrend.
At this point, Fartcoin traders can anticipate a rally toward the short-term range high at $0.63, with the possibility of pushing beyond it as well.
Source: https://ambcrypto.com/fartcoin-floats-toward-0-64-resistance-is-a-new-uptrend-in-play/
