Fartcoin, one of the most popular meme coins, is taking a massive beating, now hitting the third-straight day of bearishness. The cryptocurrency has dropped underneath its 50-day Exponential Moving Average (EMA) and trades with a daily loss of more than 10%. This decline is making investors nervous as Fartcoin continues to print red as it can’t take on any positive momentum with strong selling pressure.
Fartcoin's Price Decline
Fartcoin turned around after hitting an all-time high of $1.53 on Wednesday. That meme coin has since plummeted, crashing below its 50-day EMA (exponential moving average), currently at $1.13.
Fartcoin is trading at $1.09 after dropping more than 10% since its launch. The ensuing price action tells the tale of overwhelming bearish momentum as the asset fails to establish any bullish support.
Technical Indicators Signal Weakness
Technical indicators point to a significantly weakening bullish outlook for Fartcoin. The Relative Strength Index (RSI) is worrisome, currently at 45, breaking down and below the midpoint. Either way, it’s a sign of waning bullish momentum and could set the stage for more downward movement.
The broad Moving Average Convergence Divergence (MACD) indicator just fell below its signal line. At the same time, the RSI is getting close to the oversold zone and its present reading of 45 reflects an alarming loss of buying momentum.
Potential Scenarios for Fartcoin
Even considering the bearish-turned-pessimistic trend we are in now, there are still three scenarios that could change Fartcoin’s fate. A breakout above the current price range would be enough to initiate new buying momentum. This move could push the price back up close to the $1 psychological level.
If it does not start to recover, it risks deeper losses, with the next major support level at $1 below. If Fartcoin climbs above $1.36, it’ll erase the recent downtrend. Such a development would catalyze a rally to send the altcoin price all the way to Wednesday’s high of $1.53.
