TL;DR
- The Solana-based meme coin surged in value and popularity in the past few months and even entered the top 100 cryptocurrencies by market cap.
- After skyrocketing by triple-digits since its March low of under $0.2, is FARTCOIN primed for a major correction now?
Well, this is what the TD Sequential indicator suggests. The metric, used to determine the market exhaustion for an underlying asset after it had traded predominantly in one direction for a while, has flashed a sell signal on the 3-day chart, according to Ali Martinez.
Thus, the popular technical analyst indicated that investors might start to take profit following the impressive rally.
Recall that the asset soared by 260% at one point on a monthly scale ending on April 11 when it first entered the top 100 alts. Although it exited the elite following a substantial correction later that month, it returned once again shortly after and has remained well within those parameters.
A price tag of $1.11 and a market cap of over $1.1 billion mean that FARTCOIN is currently the 85th-largest digital asset by that metric, according to CoinGecko.
However, Ali Martinez is not the only popular crypto analyst on X claiming that the asset is due for a correction. Captain Faibik indicated that FARTCOIN’s rising wedge and RSI bearish divergence formation on the 4-hour chart suggests a price slide to $0.72.
In contrast, Altcoin Sherpa predicted a price surge to $1.5 or even $2 if the current market structure doesn’t turn out to be a fakeout.
