Why is FARTCOIN bullish today and could it reach the $2 mark?

Fartcoin (FARTCOIN) has recently attracted attention in the memecoin space, along with SPX6900, despite only being launched last year during the wave of memecoins driven by AI in the crypto field.

In the last 24 hours, the price increased by 3.5% and is currently trading at $1.46.

Why did FARTCOIN increase in price today?

Fartcoin broke through the resistance level of $1.53 on July 17th, completing a 3-month consolidation phase in the range of $1.2–$1.33. This breakout triggered a cup and handle pattern with a projected price target of $2 to $2.47.

Fartcoin price chart | Source: TradingviewOn the other hand, the 14-day RSI reached 63.26, indicating that the market is neutral and slightly leaning towards an upward trend. At the same time, the MACD chart also shows a bullish crossover.

Currently, the price is maintaining above the 30-day moving average (SMA 30 days) at $1.15, with a reversal point at $1.41, firmly reinforcing the support zone.

Meanwhile, the open contract (OI) has decreased from a high of 1.05 billion dollars on July 17 to 885 million dollars at the time of writing, signaling a decline in trader participation levels. However, this index is gradually recovering after dropping to a low of 857 dollars on July 19.

In addition, the daily trading volume ratio to FDMC has dropped to 0.086, lower than the level of 1 earlier this month, indicating a significant decline in fundamental activity compared to market value. However, this ratio is also starting to recover, signaling a potential reversal and renewed interest.

Source: Coinglass## FARTCOIN continues to target the $2 milestone

When evaluating the psychology of traders through the decentralized exchange Hyperliquid, most traders here believe that FARTCOIN could continue to rise and reach the $2 mark.

Source: CoinGlassApproximately $9.56 million in accumulated short liquidation orders are concentrating around the price level of $1,939, indicating that this is an important strategic area.

Thus, some investors are executing Short orders to secure profits from Long positions or to limit losses. Additionally, the sellers may also see the $1,939 level as an ideal entry point for a deeper decline.

Although FARTCOIN is currently in a sideways phase, the current market structure still indicates that the price reaching 2 dollars is entirely possible, especially if the momentum shifts towards the buying side.

Minh Anh