Technical and on-chain data point to strong demand for FARTCOIN, with the same coin appearing well-positioned for a continuation of its rally.
La crypto FARTCOIN benefits from a surge in demand
FARTCOIN is currently trading at $1.06, noting a 35% rise in price over the past 24 hours. This growth follows a week of falling prices, which led to a seven-day low on Monday, January 13.
However, the meme coin eventually rebounded and registered a double-digit rise, supported by real demand from market participants. This is particularly evident in the increase in daily trading volume that accompanies the price rally.
Over the past 24 hours, FARTCOIN crypto trading volume exploded by 276%, totaling $188 million. When an increase in trading volume accompanies an asset’s price rally, it generally signals strong market interest and real demand for the asset in question. This combination of data tells us that the upward movement in the price of the same coin is supported by considerable buying activity rather than speculation.
Interestingly, the rise in the same coin’s open interest indicator during the review period also supports this bullish outlook. Indeed, according to Coinglass, its value has increased by 51% in the last 24 hours and stands at $148 million at the time of writing this article.
As a reminder, open interest refers to the total number of active derivative contracts, such as futures or options, that have not yet been settled. So, when an asset’s open interest increases during its price rally, it indicates increased market participation and suggests that traders have confidence that the trend will continue.
This therefore suggests to us that FARTCOIN derivatives traders are opening new positions in anticipation of a sustained rally in this crypto.
The bulls in control from the same corner
On the daily chart, FARTCOIN’s positive Elder-Ray Index points to the possibility of an extended rally. The momentum indicator notably returned a positive value for the first time in seven days.
At 0.17, the FARTCOIN Elder Ray index indicates that bullish pressure dominates the market, because its buyers are strong enough to push the price up. This points to a favorable environment for a continued rise in the price of the same coin. In this scenario, the token could return to its all-time high of $1.16, which it last reached on January 3.
On the other hand, if the selling pressure gains intensity, FARTCOIN risks losing its recent gains and falling to $0.58.
Moral of the story: Where there is a same corner, there are bulls growing.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
