Will the FARTCOIN Token Price Hit $1.29 Again?

Meme coin FARTCOIN has noted a 21% increase over the past 24 hours, outperforming every other coin in the top 100. As of this writing, the altcoin trades at $1.01.

On-chain data suggests strong bullish sentiment surrounding the meme coin, and if this persists, it may extend its current gains in the short term. This is why. 

Fartcoin Holders Go Long

FARTCOIN’s Long/Short Ratio stands at 1.04, confirming the demand for long positions by its derivatives market participants. 

An asset’s long/short ratio measures the number of long positions (bets on price increases) compared to short positions (bets on price decreases) in a market. When the ratio is above 1, it indicates that more traders are holding long positions, suggesting bullish sentiment as most expect the price to rise. 

Moreover, the expectation of a rise in FARTCOIN’s price has prompted its traders to increase their activity. This is reflected by the meme coin’s rising open interest, which, according to Coinglass, has climbed by 28% over the past 24 hours.

Open interest measures the number of active derivative contracts, such as futures or options, that have not been settled. As with FARTCOIN, when an asset’s open interest surges during a price rally, it signals increasing participation and new money entering the market, reinforcing the strength of the uptrend. 

FARTCOIN Price Prediction: Bullish Trend May Push Token to Its All-Time High 

As of this writing, FARTCOIN trades at $1.01. On a daily chart, its Relative Strength Index (RSI), which measures its overbought and oversold market conditions, is in an upward trend at 59.11, confirming the steady demand for the meme coin

This RSI reading suggests that the FARTCOIN token price continues to gain buying momentum, and its investors are increasingly optimistic. It suggests that the meme coin’s price may continue to rise, as there is room for further growth without immediate risk of a reversal. If this plays out, FARTCOIN may reclaim its all-time of $1.29, last reached on Christmas day.

However, if the meme coin witnesses a spike in selloffs as holders pursue gains, it may cause a decline to $0.48, invalidating the above bullish projection.