Key takeaways
- FARTCOIN is up 19% in the last 24 hours and now trades above $1.4,
- The coin is targeting the $1.65 high as open Open Interest hits $1 billion.
FARTCOIN surges 19% as memecoins continue to lead market charge
The cryptocurrency market has continued its explosive start this week, with memecoins leading the charge. FLOKI is the best performer among the top 100 cryptocurrencies by market cap, while other memecoins like DOGE, SHIB, BONK, TRUMP, and FARTCOIN are also in the green.
Fartcoin is up 19% in the last 24 hours, making it one of the top performers among the leading 100 cryptocurrencies. The rally allowed FARTCOIN to hit the $1.45 mark. Its rally is fueled by the Open Interest (OI) hitting $1 billion. Open Interest (OI) refers to the total value of open perpetual derivative contracts, serving as a direct indicator of traders’ interest.
Data obtained from CoinGlass revealed that the Fartcoin Open Interest reached a new all-time high of $1.05 billion, up from $802.60 million on Wednesday. The rising Open Interest suggests growing interest in the memecoin and could push its price to new highs.
FARTCOIN eyes $1.65, with January high of $2.61 also in target
The FARTCOIN/USD 4-hour chart is extremely bullish and efficient thanks to the meme coin’s ongoing rally. The technical indicators also suggest that FARTCOIN could rally higher in the near term.
The Relative Strength Index of 62 shows that FARTCOIN could be heading into the overbought region if the buying spree continues. The MACD lines are also in the positive zone, suggesting a bullish bias.
Fartcoin nears the 78.6% Fibonacci retracement level at $1.56, drawn from the $2.61 peak of January 19 to the low of $0.19 from March 10. If the daily candle closes above the $1.5 mark, FARTCOIN could surge past the $1.65 resistance level in the coming hours. However, it would need the help of the broader crypto market or growing institutional demand to rally towards the all-time high of $2.61.
On the flipside, failure to build momentum around $1.5 could see FARTCOIN test the TLQ level at $1.18. The bulls would likely defend July’s low of $1.002 as it serves as a strong support for continuation.
