Fartcoin at a Crossroads: Can It Rebound as Social Buzz Fades and Investors Flee?
Fartcoin's price teeters on the edge as fading social momentum sparks a sell-off. Here's what's next for the embattled crypto.
Social Silence = Market Panic?
When crypto traders stop tweeting, portfolios start bleeding. Fartcoin's 30% slide this month coincides with a 60% drop in mentions across crypto forums—a classic danger sign in this attention-driven market.
The Whale Exodus
Chain data shows five major wallets dumping 2.3M FART tokens this week. Smart money's voting with its stablecoins—never a good look during 'accumulation season.'
Technical Breakdown
The $0.42 support level just got obliterated like a DeFi protocol with unaudited code. Next stop? The 200-day MA at $0.31... if it's lucky.
Just another Thursday in crypto—where 'fundamentals' means watching TikTok sentiment and hoping your bags survive the week.
Fartcoin's social chatter and optimism drop
Santiment’s social volume indicator indicates a low chatter period in Fartcoin. The indicator calculates the total number of social media messages that have the term Fartcoin. Investors may find the low-chatter period to be an entry opportunity before the next interest spike catalyzes a bullish phase.
Adding credence to low chatter, the social dominance of Fartcoin is down to 0.25% out of the combined social volume of the top 100 cryptocurrencies. Further up, the weighted sentiment around Fartcoin’s social activity stands at -0.275, pointing to a bearish bias.
Fartcoin social data. Source: Santiment
CoinGlass’ data shows that derivatives traders are low on optimism, as FARTCOIN Open Interest (OI) drops to $562 million at the time of writing, from a peak of $606 million on Wednesday. A slip in OI relates to outflowing capital from derivatives markets as new or additional purchases halt.
Fartcoin Open Interest. Source: Coinglass
Fartcoin risks a support zone fallout
Fartcoin edges lower by 1% at the time of writing on Thursday as it breaks below the $1.00 psychological level. Inching closer to the $0.92 support zone, marked by a green band on the daily chart below, the meme coin gradually erases the 12% surge from Monday.
A daily close below the $0.92 support floor, which has been in place since May 7, could extend the declining trend to $0.71, marked by the April 18 low.
The Moving Average Convergence/Divergence (MACD) indicator maintains a declining trend with its signal line on the daily chart. However, the diminishing red histogram bars signal a potential trend reversal if the MACD line crosses above the signal line. Investors could consider this crossover as a buying opportunity.
Still, the Relative Strength Index (RSI) reverses from the mid-line to 42, indicating another surge in selling pressure.
FARTCOIN/USDT daily price chart.
However, a potential bounce back in Fartcoin from the $0.92 support band could propel the meme coin towards $1.38, the highest close in June.
