FARTCOIN (FARTCOIN) Drops to $1.19 After Hitting $1.40 Last Week

FARTCOIN (FARTCOIN) experienced significant selling pressure, dropping to $1.19 after hitting $1.40 last week. Crypto analyst Ali Martinez warns of a potential deeper correction

Fartcoin (FARTCOIN) faced strong selling pressure on Friday, May 19, as it fell to $1.19 after hitting $1.40 last week.

As the 64th largest cryptocurrency, FARTCOIN is quickly approaching a pivotal phase as it could be setting up for a deeper correction, according to crypto analyst Ali Martinez.

Indeed, on Friday, May 19, Fartcoin (FARTCOIN) was valued at $1.19, showing an ≈6.5% decrease in the last 24 hours.

This price drop has also wiped more than $130 million off its market capitalization as it continues to correct from last week’s price surge that reached as high as $1.40.

However, despite the TD Sequential indicator on the weekly chart now showing a sell signal for FARTCOIN—which could see prices drop further to $0.98 or $0.68 if the selling pressure gets stronger—a whale is known to have bought as many as 1.14 million FARTCOIN tokens.

This large investment in FARTCOIN is valued at approximately $1.37 million.

According to on-chain data from LookonChain, these "active" large investors are also known to be buying Solana (SOL) based meme coins.

In fact, this investor has booked a profit of $658 thousand from a total investment of around $5.86 million.

This action comes amid speculation from a number of crypto analysts—including Arthur Hayes, co-founder of BitMEX—who arepredicting an altcoin rally in the near future.

FARTCOIN price outlook

On the 4-hour chart, FARTCOIN has been forming a descending triangle pattern since May 11, with the highest price getting lower and lower and continues to press the support zone at $1.19.

This technical pattern shows increasing selling pressure, which could see the price drop further to $0.98, as projected by analyst Ali Martinez.

The RSI indicator is currently at 44 with a downward direction, indicating weakening momentum and no signs of trend reversal.

If the price breaks below the current level, the $1.07 and $0.98 areas will be important support zones for traders to watch.

Meanwhile, the Bollinger Bands are starting to widen, and the price is approaching the lower band—a signal that the downtrend is likely to continue. However, if the price is able to break back above the middle band (20-day SMA) around $1.24, then this bearish pattern could be canceled.

In terms of the MACD indicator, the MACD line has crossed below the signal line, with the histogram showing a negative signal—further reinforcing the bearish sentiment.

Therefore, market participants will need to keep an eye on the $1.19 support level, as a decisive price movement from this point could determine the next direction of FARTCOIN’s price trend.