Fartcoin Faces Major Resistance at $1.30, Elliott Wave Indicates Correction

Fartcoin, a digital token, has reached a critical juncture in its price trajectory, completing a potential Elliott Wave structure that suggests a significant shift in market dynamics. The token's recent price movements indicate that it is encountering a major resistance level, which aligns with the conclusion of a bullish five-wave Elliott structure and the onset of a larger corrective phase, specifically wave D of an ABCD corrective pattern. Following an extended period of upward momentum, the market is showing signs of exhaustion, which could lead to a transition from impulsive to corrective behavior. This phase is crucial as it may determine the next macro trend for Fartcoin.

Key technical indicators support this analysis. Fartcoin has completed a classic five-wave bullish Elliott Wave formation, with the $1.15–$1.30 region acting as a bearish order block, as there have been no sustained candle closures above this level. This suggests that a macro ABCD correction may be forming, which could indicate a larger downtrend in the near future.

The structure of Fartcoin’s recent uptrend closely resembles a completed Elliott Wave 5, with each subwave clearly defined. Typically, after such a structure, markets enter corrective phases, often in the form of ABC or more complex ABCD patterns. The rejection near $1.15, coupled with multiple failed attempts to close above $1.30, signals strong supply and bearish sentiment at these levels. The $1.30 region has formed a bearish order block on the daily chart, historically a zone of aggressive selling pressure. The lack of follow-through volume or momentum suggests that market buyers are weakening.

Looking at the broader timeframe, Fartcoin may be initiating a macro ABCD correction. If this pattern develops fully, it could take several weeks or even months. The implications are significant, as it could mean a revisit of previous lows or the formation of new ones. This aligns with Elliott Wave Theory, which posits that after five impulsive waves, a correction usually follows before the market resumes its trend direction or continues to consolidate.

Given the current technical indicators, Fartcoin appears to be entering a period of reassessment. A breakdown from this region would confirm a macro lower high and validate the beginnings of a deeper retracement. Price action will need to either break through the $1.30 resistance with conviction or confirm rejection by forming a lower high below it. If bulls fail to retake the level convincingly, traders may begin targeting the $0.90–$1.00 support range as a first stop, with further downside potential extending to previous swing lows.