Fartcoin's 11% Freefall Puts 200 EMA Support Under Severe Pressure

• Negative sentiment at -0.2313 indicates fading retail and bitcoin trading 4sinstitutional interest since May.

The recent price movement of Fartcoin is facing strong bearish pressure since several technical tools are pointing to the possibility of a further price decline. The memecoin has been failing to sustain the momentum above the 50-day exponential moving average, which indicates a possible trend change.

The most worrying is the correlation between price and the exponential moving averages. Although Fartcoin briefly broke above both the 50-day EMA and headed towards the 200-day EMA at $0.8286. A break below this level would signal the bearish thesis and would probably lead to a wave of selling.

During the May rally, Fartcoin hit a high of $1.65, but halted as buyers were unable to sustain the buying momentum. After that, the price is continuously in a downtrend. According to CMC data, Fartcoin price is currently trading at $0.9378 with an intraday drop of 11%, showcasing bearishness.

What’s Next For Fartcoin Price?

The RSI indicator gives more bearish confirmation, which is now at 38.97 and 14 SMA line is at 48.78 point. This momentum oscillator has never managed to move above the neutral 50 level in recent rallies, which is a sign of weakness. The failure of the RSI to produce oversold bounces indicates that the selling pressure is still present.

The social sentiment analysis is a very disturbing one, with the indicator far in the red at -0.2313. This continued negative mood, coupled with the inability to support any significant positive mood phases, indicates that retail and institutional interest is fading. The social mood has been strongly bearish since the end of May, when the price dropped to the level of $1.12.

The MACD indicator also supports the bearish sentiment, where the MACD line -0.0269 is below the signal line -0.0479 and the zero line. The histogram indicates that there is still a bearish momentum as the red bars are persistent. This divergence trend indicates that any rallies that will be attempted will fail.

Structurally, Fartcoin seems to be developing a descending falling pattern, where the highs are lower than the May high and the support is at the $0.82 price area. The shrinking volume in the recent rallies is an indication that buyers are not convinced. A fall below the important support at $0.82 would probably cause a chain reaction of stop-losses that could take the price to new lows.

Highlighted Crypto News Today: 

‌Nakamoto Holdings Secures $51.5M to Build Publicly Traded BTC Reserve