- Fartcoin had a bullish structure on the 1-day price diagram
- ACCOUNTING INTERATION MANY MANAGEMENT HAVE BUTTERS HAS BULLISH
Crooked [FARTCOIN] was one of only four crypto -tokens in the top 100 to register the win in the past 7 days. This unusual performance came at a time of widespread market panic, both in crypto and global stock markets.
This show of relative strength of the Memecoin is a positive sign. In an earlier analysis it was observed that Fartcoin had formed a short -term range. This range is still respected. And the bullish prospects on the 1-day graph remain intact, despite the recent volatility.
Why Fartcoin investors can be hopeful for recovery
Source: Fartcoin/USDT on TradingView
On the 1-day graph, the Memecoin had a bullish structure since breaking the $ 0.36 level in March. This meant that Fartcoin made a new higher high and bullishs trend turned around. This was reinforced when the price released the same level as support a few days ago.
The OBV, who had been upstairs in the second half of March, stopped higher last week. This implied that buying pressure was weak. The level of $ 0.51 has resisted the bulls for ten days and is probably a strict opponent in the short term.
The Directal Movement Index showed that although Fartcoin has been a reach union in the last three weeks, it retained a strong bullish trend. In general, although token was not explosively bullish, it defended an important level of support and had a bullish structure. This makes it a better performer than dozens of altcoins.
Source: Fartcoin/USDT on TradingView
The 4-hour graph showed that the Bulls have been hesitant lately. The medium range resistance level at $ 0.52 has been a formidable opponent. However, it is likely that the Memecoin Bulls will stimulate the price further.
Market conditions are also volatile. And this can match some trading styles, such as scalpers. Traders must be well aware of their strengths and avoid exaggerated or fomoing in the case of a bitcoin [BTC] bounce. That said, if $ 0.52 is reversed to support in the coming days, a chance to go for a long time and focusing on $ 0.64.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
