- Fartcoin is showing signs of a bearish breakdown, so support at the $1.23 point will be crucial.
- A break below the wedge could lead to a sharp decline, with projections suggesting a 50% drop to the $0.60–$0.65 range.
- The level at $1.36 is still holding up, preventing further moves upward after rallies, as traders wait for further signs.
As Fartcoin (FARTCOIN) moves toward the bottom of a rising wedge on the daily chart, it is showing some signs of weakness. The trade price of Fartcoin at the time of writing was $1.31, and its value fell 3.8% in the last 24 hours. Many in the market are watching to see if Fartcoin will fall under the $1.23 level, which could signal a more noticeable market decline.
Fartcoin Risks Breakdown Toward $0.60
The rising wedge pattern has been developing since mid-March and is mostly seen as a bearish reversal signal. Within the wedge, the price has been showing a pattern of higher highs and higher lows. Meanwhile, the latest activity around candles suggests more investors are selling as the price tries to break through the wedge’s resistance trendline, a possible sign of weaker bullish sentiment.
Analysts suggest that if Fartcoin breaks below the wedge’s lower boundary near the $1.23 support level, the asset could experience a sharper pullback. Projections based on the pattern imply a possible decline of up to 50%, which would place the downside target in the $0.60–$0.65 range.
Resistance Levels and Recent Price Activity
On the other hand, the $1.36 level continues to hold back price increases. The level of $ 763 has not been breached by price, underscoring its role as a resistance point. The current 24-hour range of the token, between $1.29 and $1.34, suggests that traders are still unsure about its future.
Fartcoin Eyes Breakdown at $1.23 Support
Fartcoin’s recent weakness mirrors cautious sentiment in the broader altcoin market, where several assets are consolidating or pulling back after steep rallies earlier in the quarter. Bitcoin’s current consolidation phase could also be influencing liquidity and sentiment across mid- and lower-cap tokens.
As the pattern nears its apex, traders are expected to watch for either a decisive breakdown or a strong bounce from support. No definite conclusion has been reached yet, still the current trend is showing signs of a downturn. Thus, investors and traders are advised to monitor volume trends and price reactions closely at the $1.23 level.
