Fartcoin Price Soar 90% In 2 Days: Could It Hit $2 Mark Soon?

• Fartcoin price has surged by 90% in the past 2 days.
• FRTC crypto has smashed the 20-day EMA in a daily time frame.

Fartcoin (FRTC) has witnessed volatility for the past few weeks. The Fartcoin price has been moving with so many ups and downs. It has lost 50% in a week and reached the previous support level of $0.80. However, bulls bounced back and displayed a sharp V-shaped recovery.

The FRTC price has formed a bullish pattern in a daily time frame. Now, it is heading toward the last swing high. Amid this bullish momentum, the token has surpassed the 20-day EMA.

FRTC Price Has Formed a Double-Bottom Pattern

When writing, the Fartcoin price was trading at $1.21, which has dropped by 5.27% over the past 24 hours. The market capitalization was $1.2 Billion, and the 24-hour trading volume was $154.02 Million.

The price has departed from the support zone of $0.80 and has gained around 90% in the past two days. This bull run has seen the price surpass the 20-day EMA.

Strong buying pressure can be anticipated if the FRTC price sustains over the 20-day EMA. Once buyers become confident, it might record a new all-time high.

On the other hand, if the FRTC coin dives below the 20-day EMA, a selling signal can be generated. Losing the 20-day EMA could spread fear among investors and traders. Most traders and investors might prefer to book profit, which may lead to a sharp fall.

Technical Analysis of Fartcoin Over 4-H Timeframe

Based on the technical chart, the Fartcoin price has triggered a breakout from a descending channel in a 4-H time frame. After a strong breakout, the token advanced by more than 80%, triggered a pullback and reacted positively.

The Fartcoin price encountered resistance at $1.30, perhaps triggering a decline. It may draw buyers if the price recovers and surpasses the current resistance level.

If the FRTC Coin price remains at this level, another strong movement might be expected. Buyers will lose trust if the price does not exceed $1.80. It will trigger a bearish rally whenever it falls below the 20-day EMA.

RSI has formed a positive divergence during the last four hours. The RSI has continued to rise while the Fartcoin price has not cooperated.

FRTC Price Analysis Based on Chart Structure

Fartcoin price has experienced a significant bullish trend, with a 90% surge in price over the past two days. The breakout above the 20-day EMA suggested strong buying momentum.

Furthermore, the formation of a double-bottom pattern may indicate further upside potential. This could happen if the price is above key support levels.

However, the recent resistance at $1.30 presented a critical point. Failure to break through this level could dampen bullish sentiment and lead to a bearish pullback.

Traders should closely monitor the price action around the 20-day EMA. That’s because a dip below this could trigger selling pressure and potential profit-taking among investors.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.