FartCoin Plunges 7.1% After $1.64 Rejection, Faces $1.05 Support Test

FartCoin, the meme-based cryptocurrency launched on the Solana blockchain in October 2024, has entered a correction phase following a failed attempt to break above $1.64. At last check Friday, the asset traded at $1.31, reflecting a 7.1% decline for the day [1]. The sharp rejection from the $1.64 resistance level—aligned with a prior swing high—triggered a bearish engulfing candle on the daily timeframe, signaling a liquidity grab and a shift in momentum [1]. This technical breakdown has intensified focus on the $1.05 support zone, a critical inflection point for the coin’s near-term trajectory.

The $1.64 resistance had been a key battleground for bulls, but its failure to hold has accelerated a pullback toward $1.05. This support level is strategically significant, as it coincides with both the point of control (POC) and the 0.618 Fibonacci retracement level—a confluence often observed in corrective price action [1]. Analysts emphasize that a successful defense of $1.05 could validate the broader bullish structure, potentially setting the stage for a renewed rally. However, the absence of a confirmed bottoming pattern suggests the correction remains active, with further downside risks if the support fails to hold [1].

Market dynamics are being closely monitored for volume confirmation. The pullback has been accompanied by a climactic volume node, indicating exhaustion in the recent rally [1]. A bearish engulfing pattern on the daily chart reinforces the case for continued selling pressure. Traders are now assessing whether the $1.05 level can stabilize the asset or if a deeper retracement to $0.90—another historical support—becomes inevitable. A breakdown below $1.05 would likely transform the $0.90–$1.64 range into a defined trading band, capping upward momentum.

The outcome hinges on market sentiment and buyer accumulation at $1.05. A confirmed bounce with volume validation could reignite bullish momentum, while a failure to defend the level would accelerate bearish bias. Traders are advised to exercise caution, avoiding premature entries before support is verified. The $1.05 threshold is not merely a technical barrier but a psychological marker that could determine FartCoin’s short-term direction.

Standard technical indicators suggest that the correction is part of a broader pattern of volatility typical in emerging cryptocurrencies. FartCoin’s recent rally, driven by speculative demand, has exposed weaknesses in its chart structure after the inability to sustain gains above $1.64. While the $1.05 support offers a potential lifeline, its performance will be pivotal in shaping near-term confidence in the asset. Without additional catalysts or external market shifts, the focus remains on the $1.05 threshold as the key determinant of FartCoin’s trajectory.

Source: [1] [FartCoin faces correction after $1.64 rejection, can $1.05 support hold the line?] [https://crypto.news/fartcoin-faces-correction-after-1-64-rejection-can-1-05-support-hold-the-line/]