Fartcoin Price Prediction: FARTCOIN Could Double From Here After Hitting Key Support at $0.75

Fartcoin (FARTCOIN) has been losing ground to other meme coins lately as the hype that once made it a shining star during this year’s bear market seems to have faded.

FARTCOIN is the worst-performing token among the top 10 meme coins in the past 30 days with an accumulated loss of 40.7%. As a result, it has progressively declined to the 9th spot in this category with a market capitalization of $790 million.

Solana meme coins as a whole are still in control of 17% of the total market cap of meme coins. At some point, this figure climbed to around a fifth of the market value of this category but has retreated partially as a result of FARTCOIN’s poor performance lately.

Meanwhile, despite the latest big moves seen in Ethereum (ETH) and BNB Coin (BNB) that pushed the two tokens to a new all-time high, SOL has struggled to break past the $200 barrier and has retreated sharply every time it has hit that key psychological threshold.

Last week, the Chairman of the Federal Reserve, Jerome Powell, confirmed that the central bank is ready to make an interest rate cut as employment and economic growth data shows that the U.S. economy is doing alright.

FOMC Rate Decision Forecasts – Source: FedWatch

Data from FedWatch shows that 86% of all analysts surveyed believe that the Fed will lower rates by 25 basis points to a range between 4% and 4.25%. This would be the first cut in eight months and could pave the way for the crypto market’s next leg up.

Liquidations Surge as Market Creates Room for New Buyers

Data from DeFi Llama shows that DEX volumes within the Solana blockchain have increased by 4% in the past week. This shows that, despite the latest retreat, traders’ interest in meme coins persists.

Crypto Liquidations – Source: CoinGlass

In the past 24 hours, Fartcoin has dropped by 11% while trading volumes have dropped by 8%. Nearly $250 million worth of FARTCOIN have exchanged hands during this period, accounting for 31% of the token’s circulating supply.

High volumes like these often indicate that the price has hit a contested area for buyers and sellers. This increases the relevance of whatever happens next.

Meanwhile, crypto long liquidations have surged to $657 million in the past 24 hours. The majority of this decline is linked to BTC and ETH.

This selling pressure has been strong enough to flush out a significant amount of excess leverage and that could favor a bullish short-term outlook if we get a strong bounce shortly.

Fartcoin Could Bounce Strongly Off $0.75

The daily chart shows that FARTCOIN is approaching a key support area at $0.75 from which it could start to recover if bearish momentum starts to lose steam.

FARTCOIN/USD Daily Chart (Kraken) – Source: TradingView

Identifying key demand zones for assets at this point is critical as buyers will likely take advantage of this latest decline to buy low and sell high. Hence, the odds of a strong bounce off $0.75 for Fartcoin are rather high.

A confirmed breakout of the descending triangle shown in the chart should mark the beginning of the token’s recovery. The first target could be set at $1.6 if the price action respects its consolidation pattern.

Buying at $0.75 and selling at $1.6 would result in a gross return of 113%. If trading volumes spike once FARTCOIN hits $0.75, this would provide further confirmation that late buyers have entered the scene to capitalize on Powell’s latest remarks.

Such an upward move could be fast and explosive as market participants seem to be waiting for the first big rebound move to jump in.