Fartcoin (FARTCOIN) is breaking out through a significant price area from $1.60 up to $1.63. That area is the peak of a Cup and Handle chart formation on the daily chart. That chart formation took numerous months developing and means we should see a breakout shortly.
If Fartcoin remains above the $1.60 level, the chart pattern indicates potential movement towards $2.17. That’s a potential 36% increase from where it currently stands. The token has traced an upward trendline since the month of May, bouncing off the same at every retracement. The trendline remains intact.
Fartcoin price hits $1.65 mark
Indicators also support the bullish sentiment. The Directional Movement Index shows DI+ going up above DI-, and ADX increasing too. The technical trio signals increasing strength in trends. Momentum appears to be building rather than dying out, in favor of the anticipated breakout coming through.
At the time of writing, Fartcoin was trading at $1.65, up 8% in 24 hours and 32% in the week. The volume surged to $4.4 billion, up over 77% in 24 hours. Open interest in futures has hit $1.06 billion, up 7.4%, showing more players in the game.
The rise in open interest shows position building by the traders on the rally. Price and open interest have gone up side by side from mid-June. Such a correlation shows new buying on the strength movement. Such is a bullish attitude towards Fartcoin.
Analyst forecasts point to $2.70 potential
Crypto analyst Prof. Moriarty displayed a chart with consistent support at the rising trendline. Fartcoin is in the process of testing the high of the pattern. So long as the price is above $1.63, the breakout towards $2.70 may follow. It is reminiscent of earlier price reactions after the same set-ups.
Volume is solid and can potentially validate the breakout. Even a reversal back to $1.60 that stands up can present another buying opportunity. Traders are taking notice at this juncture as momentum builds up. Any selloff might be temporary before one more price acceleration takes place.
Crypto commentator Ghost Maison predicted Fartcoin would reach $2 within a week. Meanwhile, TrendSpider characterized the current setup as “clean,” cementing the technical strength behind the chart of Fartcoin and the chances of it making one more explosive jump.
