- Fartcoin’s price climbed to hit a new all-time high
- Market indicators hinted at a sustained rally to breach the $2-level
The last 24 hours have been pretty chaotic and interesting. Especially for FARTCOIN holders after the popular memecoin registered a strong uptrend on the charts to climb to a new ATH of $1.94. Its market cap climbed to a new ATH of $1.87 billion too.
Worth pointing out, however, that at press time, the altcoin had retraced some of its steps thanks to a price pullback. And yet, FARTCOIN still registered gains of close to 30% on the daily chart, plus monthly gains of over 98%.
Thanks to the latest price pump, the question that arises is – Can the market now sustain this uptrend and hit new highs?
Can the memecoin sustain its rally?
According to AMBCrypto’s analysis, FARTCOIN’s price has been backed by strong upward momentum, supplemented by a hike in buying pressure.
These conditions could position the memecoin for more gains on its price chart.
Source: Tradingview
For starters, we can see this upward momentum through a bullish crossover on its NMACD. When a bullish crossover emerges here, it means that an asset is closing on higher highs with more gains than losses.
This momentum is reinforced by another bullish crossover on the RSI, with the same suggesting that buyers are in total control of the market.
Source: Coinglass
Looking further, FARTCOIN’s Open Interest climbed to hit a new all-time high of $245.5 million. When Open Interest surges, it implies that investors are continually opening new trades while existing ones hold their positions.
Such a market trend is reflective of bullish sentiments across all participants.
Source: Coinglass
This bullishness can be further evidenced by greater demand for long positions.
According to Coinglass, for instance, longs have been dominating the market with 52% of the total positions. What this implies is that a majority of the investors are bullish and expect the crypto’s price to climb.
Source: Santiment
Finally, FARTCOIN investor sentiments have turned positive lately, after a previous dip into negative territory.
A shift in market sentiment reinforces our aforementioned observation regarding market direction as more participants expect more gains.
What are the next levels for the memecoin?
With the altcoin’s investors turning bullish and with buyers gaining total control of the market now, the memecoin might be well positioned for gains.
Therefore, if these sentiments hold, the crypto will reclaim $1.94 and surpass $2, making a new high. However, a pullback will see a drop to $1.6.
