- Fartcoin was up 10.62% over the past 24 hours, at press time.
- The memecoin was seeing significant demand as buyers re-entered the market.
Over the past day, Fartcoin [FARTCOIN] has made considerable gains on its price charts, rising from a local low of $1.18 to $1.359.
At the time of writing, Fartcoin was trading at $1.34, marking a 10.62% increase in 24 hours. Before this surge, it retraced to $1.2, successfully testing the level before rebounding.
Meanwhile, the memecoin’s derivatives market has turned bullish. Open Interest (OI) jumped by 17.62% to $616.28 million, indicating growing futures demand.
This demand is reinforced by strong trading volume, which has risen 14% to $1.75 billion. A rising OI, supported by increasing volume, signals significant interest in Fartcoin futures.
Source: Coinglass
The Long/Short Ratio indicates that most futures investors are bullish on Fartcoin. This suggests that the majority are entering the market to take long positions.
At press time, long positions made up over 50% of futures contracts, while short positions accounted for 49%. When futures markets are set this way, it signals that traders expect prices to rise further.
Additionally, this bullish sentiment is reinforced by a positive Funding Rate, further supporting expectations of upward price movement.
Source: Santiment
Is Fartcoin set for a breakout to $1.5?
According to AMBCrypto’s analysis, Fartcoin was experiencing significant demand across market participants.
Source: Coinalyze
For starters, demand is evident in the rising buy volume. According to Coinalyze data, buyers have acquired 524K Fartcoin tokens.
With a positive delta of 209K tokens, it suggests buyers are now more active, attempting to overtake sellers who have controlled the market for the past week.
The rising RSI also reflected this trend. Fartcoin’s RSI climbed from 50 to 56, signaling a market recovery.
While it has yet to make a bullish crossover to confirm strong buying pressure, the increase indicates growing buyer activity. If this trend continues, bulls could gain control, pushing sellers out of the market.
Source: TradingView
Simply put, Fartcoin is approaching a potential trend reversal. At press time, the memecoin was testing the $1.3 support level.
If it successfully retests this level, it could set up for the next move higher. A breakout above $1.3 may pave the way for a push toward $1.5.
For this bullish outlook to remain intact, Fartcoin needs an RSI bullish crossover to confirm buyer dominance. If bulls fail to make this move, the price may retrace to the $1.2 support level.
