Fartcoin price held steady on Tuesday as it became the best-peforming top-100 cryptocurrency token. The token jumped by over 25%, reaching a high of $0.6040, its highest level since March 26, and 200% above the lowest level in March. It has become the best-performing Solana meme coin.
Fartcoin price technical analysis
The 4H chart shows that the Fartcoin token has held steady in the past few weeks even as other cryptocurrencies rebounded. It shows that the token initially peaked at $0.7153, where it failed to move above on February 11 and March 26,
Fartcoin has formed a cup and handle pattern, a popular bullish continuation sign comprising of a rounded bottom and some consolidation. The recent pullback is part of the formation of the handle section.
The token has held steady above the 50-period exponential moving Average (EMA), a sgn that bulls are in control. All oscillators like the Relative Strength Index (RSI) and the MACD indicators have all pointed upwards.
Therefore, the combination of a cup and handle pattern, trend indicators, and oscillators means that the Fartcoin price is on the verge of a strong bullish breakout. The initial target for the meme coin is $0.7153, the upper side of the cup.
A break above that level will bring the next Fartcoin price target at $1.1645, the 38.2% Fibonacci Retracement point, which is about 100% above the current level. It will then hit the next crucial target at $1.2285, which is derived from measuring the depth of the cup and then measuring the same distance from the upper side.
The bullish Fartcoin price forecast will become invalidated if it drops below the crucial support level at $0.355, the lowest swing on April 3.
Fartcoin price chart | Source: TradingView
Potential catalysts for the Fartcoin token
There are several potential catalysts that may push th Fartcoin much higher in the near term. First, the token may benefit from the general crypto market rally that may happen after the recent tariff-related panic. History shows that these panics, which trigger the fear and greed index to crash, lead to higher crypto prices over time.
For example, the rally happened after the COVID-19 pandemic when most analysts expected the world to end literally. After the initial crash, Bitcoin and most altcoins surged to their record highs.
There are two potential macro catalysts for this: Trump is open to negotiate about trade and the Federal Reserve may intervene by cutting interest rates and implementing quantitative easing policies.
Second, unlike many other Solana meme coins, Fartcoin has a cultic following, which explains why the number of holders has risen to over 150,000. Many of the top profit leaders in the past few weeks continue to hold the token, a sign that they expect it to keep rising. There are also signs that whales are accumulating the token.
Third, Fartcoin has unlocked all its tokens, meaning that there will be no token unlocks, which dilute existing holders. Many other popular meme coins have large planned unlocks that will dilute existing token holders.
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