Will Fartcoin Blow Past Its Limits?

• Fartcoin is hovering around $0.80, recording a 6% gain.
• Its daily trading volume has increased by over 22%.

As of September 3, the crypto tokens opened the day with mixed sentiment, with the market cap reaching $3.84 trillion after a brief spike. The majority of the assets are charted in green, and others in red. Notably, Bitcoin (BTC) is trading at around $111.4K and Ethereum (ETH) hovers at $4.3K. Meanwhile, the altcoin, Fartcoin, has registered a surge of over 6.19% in the last 24 hours. 

In the early hours, the asset traded at a bottom level of $0.7434, and with the bulls in command, the price climbed to a high range of $0.8098. Fartcoin has tested and broken the vital resistance zone between $0.7439 and $0.8093 to confirm the market is showing bullish signs. 

With an $808.81 million market cap, at press time, Fartcoin traded at around $0.8088. Moreover, the daily trading volume is up by over 22.57%, reaching the $199.23 million mark. The Coinglass data has reported that the market has experienced a liquidation of $1.41 million worth of Fartcoin during the interval.

What is the Price Trajectory for Fartcoin?

If Fartcoin’s downtrend stays for a longer period, the price could fall instantly and test the $0.8082 support. With a strong breakdown, the bears might trigger the death cross formation and push the price lower below $0.8076. Contrarily, assuming the asset turned the momentum bullish, the Fartcoin price could break out and find the resistance at around $0.8094. The subsequent resistance might hit at the $0.81 range as a result of the emergence of the golden cross. 

In addition, the technical indicator of Fartcoin, the Moving Average Convergence Divergence line and signal line are found below the zero line. It indicates that the overall outlook is negative. As the MACD line started to rise above the zero line, the bearish pressure weakened, and a trend reversal could happen. 

Fartcoin’s Chaikin Money Flow (CMF) indicator value, staying at 0.01, is briefly above zero, which suggests a mild buying pressure in the market – but it is very weak. The market is neutral, with the inflows and outflows nearly balanced. Also, the momentum could swing either way depending on the price action.

Furthermore, the daily Relative Strength Index (RSI) is positioned at 57.99 points that the asset is in neutral to slightly bullish territory. The upward momentum is present, but not strong enough to signal an overextended rally. Fartcoin’s Bull Bear Power (BBP) reading of 0.0585 hints that the bulls have a slight upper hand, but it is not strong. If it drops below zero, the bears may regain control.

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