FARTCOIN meme coin noted a 21% increase in the last 24 hours, outperforming all other coins in the top 100. At the time of writing, the altcoin is trading at $1.01.
On-chain data suggests strong bullish sentiment around the meme coin, and if this persists, it could extend its current gains in the near term. That’s why.
Fartcoin Holders Go Long
FARTCOIN’s Long/Short ratio stands at 1.04, confirming the demand for long positions from its derivatives market participants.
An asset’s long/short ratio measures the number of long positions (bets on price increases) versus short positions (bets on price declines) in a market. When the ratio is above 1, it indicates that more traders are holding long positions, suggesting bullish sentiment as most expect prices to rise.
Moreover, waiting for a raise The price of FARTCOIN has encouraged its traders to increase their activity. This is reflected in the growing open interest in the meme coin, which, according to Coinglass, soared 28% in the last 24 hours.
Open interest measures the number of active derivative contracts, such as eventually or options that have not been set. As with FARTCOIN, when an asset’s open interest increases during a price rise, it signals growing participation and new capital entering the market, thereby reinforcing the strength of the uptrend.
FARTCOIN Price Prediction: Uptrend Could Push Token to All-Time High
At the time of writing these lines, FARTCOIN is trading at $1.01. On a daily chart, its relative strength index (ROI), which measures its overbought and oversold market conditions, is in an uptrend at 59.11, confirming steady demand for the meme coin.
This RSI reading suggests that the price of the FARTCOIN token continues to gain momentum and its investors are becoming more optimistic. This suggests that the price of the same part could continue to rise, as there is room for further growth without immediate risk of reversal. If this happens, FARTCOIN could reclaim its all-time high of $1.29, last reached on Christmas Day.
However, if the meme coin experiences a surge in sales as holders look for gains, this could cause a decline to $0.48, invalidating the bullish projection above.
Disclaimer
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