Christmas Day appears to be raining gains for cryptocurrencies, but most especially for a meme coin that has recently caught the attention of the broader market—Fartcoin (FARTCOIN). In the past 24 hours, the price of FARTCOIN has increased by 60%, outperforming every other meme coin in the top 100.
As a result, the cryptocurrency’s market cap has regained and surpassed the $1 billion market cap again. But what comes after this?
Fartcoin Sees Bullish Sentiment, Renewed Demand
Yesterday, Fartcoin’s price was $0.74 after a recent correction. During the same period, however, BeInCrypto predicted, using several indicators, that the meme coin could soon climb to the $1 billion market cap again.
Less than 24 hours later, FARTCOIN’s value rose to $1.20, and its market cap is now $1.20 billion. According to our findings, this significant bounce could be linked to improved sentiment around the token and rising demand.
On December 22, the token’s Weighted Sentiment dipped into negative territory. Weighted Sentiment gauges market perception of a cryptocurrency. A positive reading reflects bullish comments, while a negative reading indicates bearish sentiment.
As shown above, the sentiment reading has bounced back into the positive region, indicating that most remarks about FARTCOIN are now optimistic. If this trend continues, the token’s value could climb higher and potentially reach a new all-time high in the short term.
Furthermore, the Chaikin Money Flow (CMF) revealed that demand also soared due to the positive sentiment around the meme coin. The CMF measures the flow of money in or out of a cryptocurrency, helping to identify the level of accumulation (buying) and distribution (selling).
When the CMF rises, it indicates a good level of buying pressure. Conversely, a decline in the indicator’s rating suggests selling pressure. Based on the daily chart, the CMF reading has significantly jumped, signifying a sustained Fartcoin price increase in the short term.
FARTCOIN Price Prediction: $2 Target Now Close
Meanwhile, a close look at the 4-hour timeframe shows that FARTCOIN faced resistance at $1.25. The inability to break through this hurdle pulled the price back to $1.20
However, Bull-Bear Power (BBP) suggests that the retracement might not last long. BBP shows whether the strength of buyers (bulls) outpaces that of sellers (bears) or the other way around.
A positive reading favors bulls, while a negative one indicates strong bearish pressure. Since it is the latter, the FARTCOIN price increase might continue. If validated, the Solana meme coin might surpass the highest level of the wick at $1.30 and probably climb toward $2.
On the flip side, if selling pressure increases with bears in control, this might not happen. Instead, FARTCOIN could decline to $0.88, invalidating the Christmas rally in the process.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Read the full article here
