The memecoin market is demonstrating steady momentum today, even as both Bitcoin (BTC) and Ethereum (ETH) are experiencing price declines. Notably, several memecoins are maintaining their value and exhibiting bullish indicators, with Fartcoin (FARTCOIN) being one such example.
Although FARTCOIN's price action has been moderate, recent chart formations suggest that a bullish reversal could be in progress, potentially leading to a significant upward movement.
Potential Rounding Bottom Pattern Identified
Analysis of the 4-hour chart indicates that FARTCOIN may be forming a classic rounding bottom pattern. This technical formation is often interpreted as a signal of a trend shift from bearish to bullish.
In recent trading sessions, FARTCOIN experienced a pullback from its local peak of $0.437, descending to test the support region near $0.3855. This price level acted as a strong area of demand, with buyers stepping in and facilitating a rebound, stabilizing the token above this point.
At the time of this report, FARTCOIN is trading around $0.4107, demonstrating early resilience after successfully defending its base support. It is noteworthy that the 100-hour moving average (MA), currently situated near $0.3856, served as dynamic support during the price decline, preserving the potential for an upward continuation.
Outlook for FARTCOIN
Should the rounding bottom pattern continue to develop as anticipated and the token sustain its bottom support, the immediate next objective will be to retest and successfully break above the recent local high of $0.4305.
A decisive move above this resistance level would serve to confirm a shift in market structure, potentially paving the way for a test of the neckline resistance zone, which lies between $0.47 and $0.48. A breakout above this zone is likely to trigger a robust bullish rally, indicating a resurgence of investor confidence in the memecoin.
However, traders should remain vigilant regarding the 100-hour MA support level. A breach below this indicator could invalidate the rounding bottom formation and lead to a period of short-term consolidation before any further upward movement can occur.
For the present, as long as FARTCOIN maintains its foundational structure and continues to respect key support levels, the bullish outlook remains viable, suggesting that the next upward price movement may be imminent.