FartCoin Plunges to $1.31 After $1.64 Rejection Focus Turns to $1.05 Support

FartCoin faced a significant pullback after failing to break through the $1.64 resistance level, triggering a sharp correction that pushed the price down to around $1.31 on Friday. The liquidity grab at the $1.64 swing high, marked by a bearish engulfing candle on the daily chart, signaled a potential reversal in momentum. This rejection intensified bearish pressure, with no immediate bottoming formations emerging to stabilize the price structure. Analysts noted that the breakdown below $1.64 has shifted the focus to the critical support zone at $1.05 [1].

The $1.05 level holds strategic importance as a confluence of technical indicators, including the 0.618 Fibonacci retracement, the point of control (POC), and a high-time frame support. These overlapping levels often act as a magnet for price action during corrections, offering a potential floor for buyers to initiate a bullish rebound. However, the absence of a defined bottoming pattern—such as a bullish engulfing or hammer candle—suggests that the market remains in a state of flux. A sustained close above $1.05 would require increased volume and price consolidation, which has yet to materialize [1].

A breakdown below $1.05 could accelerate losses toward $0.90, potentially expanding the trading range between $0.90 and $1.64. This scenario would signal a shift to a broader range-bound structure, reducing the likelihood of a sustained upward trend. Market participants are closely monitoring volume dynamics, as recent climactic spikes indicate exhaustion of the prior rally. The price hovering near the value area high further amplifies selling pressure, with momentum indicators remaining bearish [1].

The current technical landscape favors sellers, with no clear catalysts for a reversal. Bulls must defend $1.05 to preserve the possibility of forming a higher low, which could reignite bullish control. Until then, the correction remains active, with the key question being whether $1.05 can hold as a psychological barrier. A successful defense might attract short-term buyers, while a breakdown could cement a new downward trajectory.

Source: [1] [FartCoin Eyes $1.05 Support After $1.64 Rejection Shakes Bulls] [https://coinmarketcap.com/community/articles/68856d259bfd71364189a302/]