Fartcoin Surges by 32.69% in 24 Hours

Fartcoin has surged by 32.69% over the past 24 hours, fueled by speculative demand and positive news in the crypto markets. Following Trump’s announcement of a crypto reserve, Fartcoin [FARTCOIN] made a significant upswing.

Notably, the memecoin spiked from a low of $0.23 to $0.36, establishing itself as the top gainer among memecoins. During this period, trading volume rose by 266.51% to $193.91 million, while Open Interest increased by 14% to $157.8 million.

Before these gains, Fartcoin faced significant downward pressure, declining by 62.35% on monthly charts. The recent price pump raises the question of whether it can sustain these gains.

Can Fartcoin Sustain Its Gains?

According to AMBCrypto’s analysis, Fartcoin is experiencing short-term demand. This was evidenced by a bullish crossover on its RSI, which rose from 36 to 43, indicating increased buyer activity in the market.

Additionally, Fartcoin’s spot exchange turned negative, reaching -133.21k after a previous spike of $1.02 million, suggesting a strong buying activity amid higher prices. When outflow increases, it reflects positive sentiments, as investors accumulate.

According to Coinalyze, 56.63% of investors are taking long positions, indicating that the majority expect prices to rebound soon. This is supported by the memecoin’s Aggregated Funding Rate AVG turning positive, confirming the market’s shift in sentiment.

In summary, Fartcoin is experiencing short-term bullish sentiments driven by speculative demand following favorable crypto news. If this demand continues, the memecoin may sustain its recent gains and potentially reclaim $0.42. However, if speculation wanes, it could drop to $0.29.