Fartcoin Eyes a Nearby Support

The Fartcoin token has been performing well in recent times. The coin was launched recently but has continued to gain steady traction as its price action moved from one higher support level to another. The market, as of the time of writing, has just rebounded from a new high, and its price action currently seeks new support.

Fartcoin Statistics:

FARTCOIN Price: $1.03873

Fartcoin Market Capitalization: $1.03B

FARTCOIN Circulating Supply: 999.99M

Fartcoin Total Supply: 1B

FARTCOIN CoinMarketCap Rank: 95

Key Price Levels:

Resistance: $1.1000, $1.1500, $1.2000

Support: $1.000, $0.9000, $0.7000

Fartcoin Market to a New Support

As mentioned earlier, price action in the Fartcoin market has just rebounded off a psychological resistance level of $1.0000. The price mark is a new high in the market, and the market has been heading towards psychological support. On the daily price chart, prices have just descended below the 20-day Moving Average (MA) line.

Also, price action is approaching the 38.20 mark of the Fibonacci Retracement tool. However, through a more critical look, it could be perceived that bearish momentum seems reduced via the last price candle on the chart. Meanwhile, the Stochastic Relative Strength Index lines have fallen into the oversold region, indicating that downward forces dominate.

Headwinds Threaten to Drive FARTCOIN Market Lower

Even in the 4-hour chart, it appears that downward forces have been on a winning streak. However, one thing stays solid, and that is the fact that bearish momentum is cooling as price activity approaches the psychological support at the $1.000 price level. Meanwhile, price action has descended below more MA lines on the 4-hour price chart.

Here, the last price candle can be seen now appearing smaller while just above the $1.000 price level. Simultaneously, the lines of the RSI indicator are now at the terminal level of the indicator, with the lines now converging there. This seems aligned with price action approaching the above psychological support level. Therefore, an upside rebound may occur in this market shortly toward the $1.2000 price level.

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