Fartcoin Surges 12.23% to $2.249, Top Gainer in 24 Hours
1min read Fartcoin, a memecoin, has surged by 12% in the past 24 hours, reaching a three-month high of $1.25. This significant increase has positioned Fartcoin as the top gainer among crypto assets during this period. The memecoin has been trading within an ascending channel since hitting a low of $0.41, indicating a strong upward momentum with buyers firmly in control.
At the time of reporting, Fartcoin was trading at $2.249, marking a 12.23% increase on the daily chart. The memecoin's historical volume has surged by 39% to reach $2 billion, and its Open Interest has jumped by 14.3% to $611 million. This suggests that traders are increasing their exposure to the asset, with a majority of market participants taking long positions. The positive Funding Rate Aggregated by Exchanges further indicates strong demand for long positions, as a positive reading signifies that most market participants expect prices to continue rising.
The increased demand for Fartcoin has given buyers the upper hand in the market. The memecoin's Spot Netflow has stayed negative for four consecutive days, hinting at accumulation and suggesting that demand is outweighing supply. This strong upward momentum is confirmed by Fartcoin's Stoch RSI, which has hit 89.6 since making a bullish crossover three days ago. The Relative Strength Index (RSI) has also made a bullish crossover, confirming heightened buying pressure for Fartcoin.
If current market conditions remain favorable, Fartcoin could sustain its momentum and reach $1.4. However, if holders capitalize on the rally to take profits, it could trigger a market correction. In the event of a pullback, Fartcoin is likely to find its next support level around $1.16. Therefore, traders should not rush to sell Fartcoin, as the prevailing market conditions position the memecoin for further gains on its price charts.
