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Fartcoin (Fartcoin), the token of memes and built in Solana, faces renewed pressure after a strong rebound of several weeks that promoted it more than 575% since the minimum of March.
The Token, which had recently touched $ 1.44, its highest level since mid -January, has fallen 10.62% in the last 24 hours and quotes $ 1.23.
The descent occurs when traders react to the slowdown in the impulse and weakening of on-chain metrics, including a remarkable fall in open interest.
Although Fartcoin had initially caught his attention with his brand of memes and his narrative of AI, his recent price action highlights the growing volatility in the space of the meme coins.
With the technical indicators losing strength and speculative interest beginning to fade, the next few days can be critical to determine if the Token can resume its ascending trajectory or further retreat towards historical support areas.
Of recoil recovery
Fartcoin’s rebound began at the end of March, winning traction after playing bottom about USD 0.20.
The Token rose to USD 1.44 earlier this month, its highest level since January, before reversing at the current level of USD 1.23.
Despite the fall, Fartcoin remains significantly above its minimums of the first quarter, and the recent decrease is greatly attributed to the benefits and the reduction of speculative activity.
Technical signals have also begun to soften. He Relative Force Index (RSI), which reached a maximum above 60 during the movement of last week, has now dropped to 55.05, reflecting the decrease in the bullish impulse.
While this is still within neutral territory, it shows that the ascending impulse is losing strength.
The price structure continues to reflect the previous cycles, in particular the December-general phase that preceded Fartcoin’s last parabolic race to its historical maximum of USD 2.74.
However, unlike that phase, the current movement lacks a constant volume monitoring, which had been a defining factor of the previous rebounds.
Open interest experiences a two -digit drop
On-chain metrics are also cautious. According to Coinglass dataFartcoin’s open interest has fallen 11.17% in the last 24 hours, falling to USD 606.46 million.
This marks a significant change from the recent historical maximum of 712 million dollars and indicates a decrease in the aired trading activity.
The open interest represents the total value of futures contracts in circulation and, often, is considered an indicator of market conviction.
The strong setback suggests that some traders are getting rid of their positions, possibly in response to the token inability to stay above the USD 1.40 level.
Even so, the long -term graph structure remains constructive while the USD 1.20 support is maintained.
However, if this level is not maintained, Fartcoin could suffer more falls, with USD 1.00 and USD 0.88 acting as probable demand areas.
Traders observe support and resistance levels
For now, the key level to be monitored remains $ 1.46. A decisive rupture above this resistance would rekindle the bullish interest would establish a new USD 1.76 and USD 2.00 test.
Until then, the recent drop in both price and open interest suggests a period of consolidation or a possible setback.
Fartcoin’s recent rebound was driven by a combination of technical configurations and speculative feeling.
While the general narrative remains intact, short -term indicators point to a cooling phase.
If the feeling of the market and liquidity returns, could follow a new impulse, but for now, traders seem to be step back.
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