Fartcoin [FARTCOIN] rallied 12.4% over the past week. Yet, the memecoin market was not faring as well.

FARTCOIN has been trading within an ascending channel since early April. Highlighted in purple, this channel’s extremes have been tested multiple times in the past two months.

The past week saw Fartcoin [FARTCOIN] rise by 12.4%. However, the memecoin market wasn't doing as well.

Since the 22nd of May, the memes as a whole have lost $10 billion. Their trading volume also decreased by 33%, according to data from CoinMarketCap.

At the time of writing, Fartcoin continued its upward trend. It tried to surpass the 50% retracement level at $1.47. This Fibonacci retracement was plotted using the steep drop the meme coin experienced from January to March.

The uptrend was likely to continue, but Bitcoin [BTC] could have a big say on the next move. A BTC reset towards $100k or lower could shift the bias of FARTCOIN bearishly.

FARTCOIN is likely to defend $1.33 as support

FARTCOIN has been trading within an ascending channel since early April. Highlighted in purple, this channel’s extremes were tested multiple times in the past two months.

During the rally, Fartcoin respected the channel and OBV has also been in a steady uptrend, signifying strong demand. The Awesome Oscillator did not reach the December-January extremes.

Since the price oscillated within the channel, the Awesome Oscillator had time to reset.

The AO has made slightly lower highs since the final week of April, a clue of weakening momentum.

The 4-hour chart highlighted a lack of selling pressure in the past two days. Even though the token saw a rejection at $1.6 and a subsequent 14% price drop, the selling volume was well below average.

The OBV barely slid lower, while the AO made a bearish crossover below the zero line. This momentum shift signaled a potential dip to the channel lows at $1.3. Traders looking to go long can bid Fartcoin at these levels.