- FartCoin rejected from $1.64 after a liquidity grab and bearish engulfing candle, triggering a sharp corrective pullback.
- $1.05 support aligns with Fibonacci, POC, and HTF levels, becoming the critical zone for potential trend stabilization.
- A breakdown below $1.05 could extend losses to $0.90, shifting the structure into a broader range-bound market.
FartCoin fell 7.1% on Friday, trading around $1.31 after a sharp rejection from the $1.64 resistance level earlier in the week. The meme-based cryptocurrency, built on the Solana blockchain, entered a corrective phase as bearish momentum intensified.
The rejection near $1.64 coincided with a swing high liquidity grab, where the price briefly moved above the prior high before reversing sharply. A bearish engulfing candle formed on the daily chart, reinforcing signs of a local top. Market structure weakened, with no visible bottoming formation, suggesting further downside is likely in the short term.
$1.05 Becomes Critical as Support Confluence Forms
Technical indicators point to $1.05 as the next major support. This level holds significance due to its alignment with the point of control (POC), the 0.618 Fibonacci retracement, and a high time frame support zone. These overlapping technical levels often attract price action in a corrective market phase. The region could act as a platform for a potential bullish reversal, provided volume increases and price stabilizes.
Recent trading saw climactic volume spikes, indicating a potential exhaustion of the prior upward move. The correction is gaining strength, driven by technical pressure and failed bullish follow-through near $1.64. Momentum indicators continue to lean bearish, with price hovering near the value area high, which adds to selling pressure.
Range Formation Possible If $1.05 Support Breaks
Failure to hold the $1.05 level could open the door to further losses. A deeper retracement toward $0.90 may follow, potentially forming a broader trading range between $0.90 and $1.64. Market participants are monitoring this development closely, as any breakdown below $1.05 could shift the trend decisively downward.
Until a bottoming pattern emerges, the broader trend remains in active correction. Bulls must defend the $1.05 support to preserve the possibility of forming a higher low and regaining market control. The structure currently favors sellers, with no immediate signal of reversal.
