FARTCOIN drops 13% in 24 hours, loses May gains: Can it recover?
The post FARTCOIN drops 13% in 24 hours, loses May gains: Can it recover? appeared on BitcoinEthereumNews.com.
FARTCOIN dropped 13% in two hours, wiping out monthly gains and pushing the memecoin back into its previous consolidation range. Community sentiment continued to drop, lagging behind price and hinting at retail fatigue amid ongoing volatility Over the past 24 hours, Fartcoin [FARTCOIN] dropped 13%, erasing nearly all monthly gains and triggering renewed selling pressure. The meme token now sits at a -0.75% monthly drawdown. According to AMBCrypto’s analysis, despite the ongoing downtrend, bulls are gradually gaining strength and could potentially reverse the movement. Liquidity inflow into FARTCOIN surges According to a recent Nansen report, FARTCOIN recorded the most positive exchange NetFlow among all tracked tokens in the last 24 hours. During this period, $178,000 worth of FARTCOIN was acquired. Source: Nansen This indicated that despite the drawdown, market participants see the current price level as an opportunity to accumulate the token. If these traders continue accumulating FARTCOIN, it implies they view the recent dip as a discounted entry. Extended accumulation activity often precedes a major market rally, a move that FARTCOIN could potentially replicate. Accumulation zone identified on the chart Analysis showed that FARTCOIN’s recent decline has pushed the memecoin back into a consolidation channel after breaching a key support level. This consolidation zone, formed between the 22nd of April and the 8th of May, previously supported FARTCOIN’s past rallies. Source: TradingView The zone exists within a narrow range of $1.01 to $1.20. Trading back into this level suggests that buying interest could increase in upcoming sessions. It’s also important to note that the price might continue to range within this channel before experiencing any significant upside. This supports the earlier thesis on FARTCOIN leading the market in netflow activity. Amid bullish sentiment, caution still looms On the derivatives side, traders are still cautious. Source: CoinGlass As of the…
