FARTCOIN price breaks key resistance, setting sights on $2.28 as it kicks off its climb back toward all-time high.
Since bottoming at $0.80 on June 22 — having shed more than 50% from its May 23 peak of $1.65 — Fartcoin (FARTCOIN) price has been trading within an ascending channel. The price broke out of that channel yesterday, closing over 12% higher on the day. Today, the price followed through on the breakout, surging to a local high of $1.69 before pulling back slightly to $1.60, still holding well above the support marked by the upper trendline of the channel.
With this latest breakout, the memecoin is now trading at levels last seen in late May — and before that, in early January, just ahead of its parabolic rally to an all-time high of $2.61 later that month. This sets the stage for a potential run toward its ATH, as there are no major resistance levels on the daily chart except for that peak.
Additionally, yesterday’s candle breached the neckline at $1.54, confirming the breakout of a potential double bottom pattern, with the two troughs formed at $0.86 and $0.80. Though the bottoms are not perfectly aligned — separated by about 7% — the pattern may still be valid as the memecoin‘s price held a similar support zone and showed clear bullish rejection on both occasions. If so, the breakout opens the door to a measured move target of $2.28, calculated by adding the height of the pattern ($0.74) to the neckline level.
However, the RSI is currently at 69, approaching overbought territory, which signals a potential pullback or consolidation before the next leg higher. Immediate support is found at the former upper trendline of the ascending channel, which aligns with the neckline of the double bottom pattern in the $1.52–$1.54 range.
Below that, the next key support lies at $1.30–$1.32 — the most recent higher low prior to the breakout, and roughly the midpoint of the ascending channel. In the case of a deeper correction, strong structural support is expected at the lower trendline around $1.25, which could help contain further downside.
