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In the last month, there have been multiple ups and downs for the crypto industry, but Fartcoin is the one altcoin that has stood out through all of it with major recoveries. In less than one month, the Fartcoin price has risen by more than 230%, placing it at the top of the leaderboard for cryptocurrencies that have recovered in the last month. Now, as its popularity spread, the question remains, is it still a good time to get in on this AI play?
Fartcoin Price Headed For Major Resistance
Fartcoin is currently one of the trending cryptocurrencies on the Internet after staging a rapid rally in April. Its daily trading volume has risen to more than $350 million at the time of this writing and it continues to garner attention from investors. It has risen to $0.88 after touching a low of $0.23 back in March. Now, it looks like it is on its way to trying another all-time high above its previous $2.61 peak from January.
Crypto analyst MyCryptoParadise has chimed in on Fartcoin’s recovery, mapping out where it could be headed next. While the analyst does see the price rising higher from here, it is not all good news, especially as Fartcoin seems to be headed toward a major resistance.
They explain that the altcoin is currently completely the third wave of a classic Elliot Wave impulse, which is a bullish wave. With the price having risen so much, it means that the end of the bullish third wave could be ending and about to usher in the more bearish fourth wave.
Not only is the bearish fourth wave on the horizon, the analyst says that Fartcoin could probably enter a corrective ABC wave during this time. What this means is that the altcoin could be headed for major resistance, where the power of the current uptrend would be tested.
There is very strong resistance for Fartcoin at $1.05, which is still around 15% away from where the price currently is at the time of this writing. However, if the price were to successfully close above the extended resistance zone of $1.1361, then the uptrend could continue from here.
“This is the point where the weak hands get shaken out and smart money reloads,” the crypto analyst explains. “If you’re aiming for long-term success, wait for high-probability setups and protect your capital.”
Featured image from Dall.E, chart from TradingView.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.
Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.
Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.
Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.
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