Solana-based meme coin FARTCOIN has surged by 20% over the past 24 hours, emerging as the market’s top gainer. The token currently trades at $1.45, just below its all-time high of $1.61.
With a bullish technical setup, FARTCOIN could retest its peak and rally beyond it in the near term.
Fartcoin Bulls Propel Price Higher
FARTCOIN’s Balance of Power (BoP) reflects the bullish bias that the meme coin currently enjoys. As of this writing, this indicator is in an upward trend at 0.53.
An asset’s BoP measures the strength of its buyers versus sellers in the market over a specific period. As with FARTCOIN, a positive and climbing BOP indicates increasing buying pressure in the market. It signals bullish momentum and the potential for a sustained uptrend in the asset’s price.
Notably, FARTCOIN’s price hike over the past few days has pushed it significantly above its Ichimoku Cloud. At press time, the meme coin is trading above the Leading Spans A and B of this key indicator, which have formed dynamic support levels at $1.10 and $0.87, respectively.
The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. When an asset trades above this cloud, it means that it is in an uptrend. In this scenario, the cloud acts as a dynamic support zone, reinforcing the likelihood of continued upward movement as long as the price remains above it.
FARTCOIN Price Prediction: Is a New All-Time High on the Horizon?
FARTCOIN could revisit its all-time high of $1.61 in the near term if this uptrend persists. If buying pressure strengthens further, it could rally to a new all-time high.
However, if selloffs resume, this bullish outlook is invalidated. In that case, FARTCOIN’s price will plunge to $1.03.
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Disclaimer
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