• FARTCOIN hit an all-time high of $0.92 on Dec 17, likely completing Wave 3 near key resistance
• RSI shows bearish divergence, signaling a potential Wave 4 correction toward $0.70-$0.53 support levels
• Strong support lies at $0.70-$0.53, with Wave 5 targeting $1 if the uptrend resumes
Cryptocurrency has taken the world by storm, with new digital currencies popping up every day. One such entrant, FARTCOIN, recently hit an all-time high, showing signs of slowing momentum. The question now is – will a correction ensue?
Understanding the FARTCOIN Highs
FARTCOIN recently completed a strong bullish rally, reaching an all-time high of 0.92 on Dec 17. This marks the potential completion of Wave 3. However, the price indicates slowing momentum, hinting at a potential corrective Wave 4 pullback towards key Fibonacci support levels before resuming its bullish trend in Wave 5.
Analyzing the FARTCOIN Price
A close look at the daily FARTCOIN chart reveals a strong bullish 5-wave impulse, with the price currently in Wave 3 near the 1.618 Fibonacci extension 0.84. This uptrend followed a breakout from a descending channel (Wave 2), signaling upward momentum before the onset of Wave 4 consolidation.
On Dec 17, FARTCOIN reached an all-time high of 0.92, signaling the possible end of this upward trend. A pullback towards 0.70-0.58 support levels is expected before bullish strength resumes into Wave 5.
Predicting the FARTCOIN Price
The hourly FART chart shows Wave 3 nearing completion with a corrective ABC structure forming for Wave 4. The price is consolidating below 0.86, showing initial signs of bearish divergence on the RSI, indicating a potential pullback.
The Fibonacci levels highlight key support zones for Wave 4: the 0.236 level at 0.74, 0.382 at 0.62, and 0.5 at 0.53. If the correction deepens, stronger support lies at the 0.618 retracement 0.44. Resistance remains firm at the previous high of 0.86-0.92.
Conclusion
As we navigate the volatile world of cryptocurrency, keeping an eye on the trends and predictions can help investors make informed decisions. For FARTCOIN, the current slowing momentum indicates a potential correction. However, if the currency manages to bounce back from the support levels, we could see another bullish trend in Wave 5. Like with any investment, risk is involved, and past performance does not guarantee future results. Therefore, consulting a financial advisor before making any investment decisions is always a wise move..
