Memecoin Fartcoin (FARTCOIN) Jumps 300%

Fartcoin (FARTCOIN), the Solana-based memecoin, jumped to $1.45 today, pushing its 90-day gain to a staggering 300%

Key Takeaways:

* Fartcoin (FARTCOIN) rallied to $1.45 on Monday, May 18, extending its 90-day gains to 300%.

* On-chain and technical indicators suggest that FARTCOIN has more room to rise.

* The Chaikin Money Flow has crossed the zero line, suggesting that buyers are in control.

* FARTCOIN’s MVRV ratio remains below the historical top range.

* The cryptocurrency is currently trading above its realized price, indicating strong on-chain support.

Solana-based memecoin Fartcoin (FARTCOIN) rallied to $1.45 on Monday, May 19, extending its 90-day gains to 300%. While such a rally mostly signals a looming market top, the data tells a different story.

On-chain and technical indicators suggest that FARTCOIN still has some fuel left in the tank.

FARTCOIN Price Still Has Room to Rise

On Monday, May 19, FARTCOIN’s price dipped to $1.20, showing signs that it could break below the ascending channel. However, that did not happen. Instead, the memecoin bounced back and kept hitting lower and higher highs. This development has ensured that FARTCOIN’s price has not experienced a notable correction since the early days of March.

Image: Trading View

Amid the recent jump, the daily chart shows that the Chaikin Money Flow (CMF) has crossed the zero line. At press time, the CMF reading was 0.21.

Typically, the CMF tracks the level of accumulation and distribution around a cryptocurrency. When it is below zero, it indicates rising selling pressure. On the other hand, a rise above the zero signal line indicates buying pressure.

Therefore, if the CMF stays above the zero line, then FARTCOIN’s price will likely see a run close to $2 in the short term.

No Euphoria Detected

From an on-chain point of view, Glassnode data reveals that FARTCOIN’s recent rally has pushed its Market Value to Realized Value (MVRV) ratio to 1.75, which is still far from the historical top range, which lies between 2.87 and 3.20.

The MVRV ratio is used to assess whether a crypto asset is overvalued or undervalued. A higher MVRV ratio indicates that an asset is in overbought territory and vice versa.

In FARTCOIN’s case, the current MVRV reading suggests that the memecoin hasn’t yet reached a peak and could continue climbing.

In addition, the market value remains above its realized price of $0.80, which provides strong on-chain support and indicates more upside potential in the near term.

FARTCOIN Price Analysis

Regarding its short-term targets, CCN observed that the FARTCOIN has maintained the rounding bottom pattern. This suggests that the memecoin will likely move toward the peak it reached in January.

In addition, the Awesome Oscillator (AO) reading has maintained its positive trend. The rise in the AO reading indicates bullish momentum, which suggests that the FARTCOIN’s price could return to the historic rally toward $2.61.

Moreover, the Relative Strength Index (RSI) has also held above the 50.00 neutral line. Like the AO, this indicates positive momentum.

If this trend continues, FARTCOIN’s price might hit $1.75 soon. If validated, this could drive the cryptocurrency’s value toward $2.13 near the 0.236 Fibonacci level.

On the flip side, if selling pressure comes into play, the prediction might not pass. In that scenario, FARTCOIN might break below the support at $1.14 and drop toward $0.70.