The meme coin season hasn’t really kicked in despite Bitcoin and altcoin priced registering substantial upside since November 2024. However, Fartcoin has recently sparked a shift in vestor sentiment around meme coins after rising by 43% on Monday. The token was previously dismissed as a just another hype-inspired meme coin blown out of proportion by an overly enthusiastic community. However, its recent gains are too high to ignore.
Fartcoin price is up by 46% in the last month, but has risen by 4,856% from its all-time lows of $0.0200 recorded on October 30th 2024. Such a massive uptick in just three months is a rare fete, even in a crypto market reputed for high volatility. For instance, Bitcoin price has only risen by 34% since that time, while one of the best-perfoming meme coins, PEPE, has gained 78%.
For context, an investor who bought $100 worth of Fartcoin on October 30 has seen that investment grow to $4,856. With a market capitalisation of just above $1 billion, Fartcoin is too big to ignore. However, its utility is based on promoting humour and other light-hearted entertainment.
Therefore, Fartcoin price upside will largely depend on its ability to sustain a positive sentiment around humour, as opposed to pure economic sense. Fartcoin price is up by 28% year to date and trade at $1.197 at the time of writing after gaining 16% on the daily chart.
The momentum on Fartcoin price signals a likely continuation of the upside above the $1.109 pivot. Immediate resistance is likely to be at $1.230, but a stronger momentum could break above that level and test $1.300.
On the other hand, FARTUSD momentum could head to the downside if it breaks below $1.109. That could see it move to the first support at $1.030. An extended control by the buyers will break below that mark and invalidate the upside narrative. That could also open the path to test the second support at $0.929.
This post was last modified on Jan 15, 2025, 14:44 GMT 14:44