Christmas Day seems to benefit cryptocurrencies, especially a meme cryptocurrency that has recently attracted the attention of the broader market—Fartcoin (FARTCOIN). In the past 24 hours, the price of FARTCOIN has increased by 60%, outperforming all other Meme Coins in the top 100.
As a result, the market capitalization of this cryptocurrency has recovered and surpassed the $1 billion mark once again. But what will happen next?
Fartcoin Shows Strong Growth Sentiment, Demand Increases
Yesterday, the price of Fartcoin was at $0.74 after a recent correction. During the same time, TinTucBitcoin predicted, through various indicators, that this Meme Coin could soon return to a market capitalization of $1 billion.
Less than 24 hours later, the value of FARTCOIN increased to $1.20, and its market capitalization is now $1.20 billion. According to our findings, this significant bounce may be related to the positive sentiment trend surrounding the Token and increasing demand.
On December 22, the General Sentiment Index of the Token fell into negative territory. This index measures market perception of a cryptocurrency; a positive value reflects optimistic comments, while a negative value indicates bearish sentiment.
Fartcoin Weighted Sentiment. Source: Santiment
As mentioned above, the sentiment index has shifted back to positive territory, indicating that most of the current comments about FARTCOIN are positive. If this trend continues, the Token's value could continue to rise higher and reach new all-time highs in the short term.
Additionally, the Chaikin Money Flow (CMF) indicates that recognition is also surging due to positive sentiment surrounding the Meme Coin. CMF measures the money flow into or out of a cryptocurrency, helping to identify accumulation (buying in) and distribution (selling out).
As CMF increases, it indicates good buying pressure. Conversely, a decline in the index indicates selling pressure. Based on the daily chart, the CMF index has risen significantly, indicating a sustainable increase in Fartcoin's price in the short term.
Fartcoin Chaikin Money Flow. Source: TradingView
FARTCOIN Price Prediction: $2 Target is Near
Meanwhile, a closer look at the 4-hour timeframe shows FARTCOIN facing resistance at $1.25. The inability to overcome this barrier has pulled the price down to $1.20.
However, the Bull-Bear Power (BBP) indicates that the correction may not last long. BBP indicates whether the buying power (bulls) outweighs the selling power (bears) or vice versa.
A positive index supports the buyers, while a negative index indicates strong selling pressure. Therefore, the price of FARTCOIN may continue to rise. If confirmed, the Meme Coin could surpass the highest price of the wick at $1.30 and potentially aim for $2.
4-hour analysis of Fartcoin. Source: TradingView
Conversely, if selling pressure increases with bears in control, this may not occur. Instead, FARTCOIN could drop to $0.88, invalidating the Christmas rally in the process.
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