- Fartcoin confirms a rising wedge breakdown on Binance, signaling a potential 52.87% decline with a target near $0.64.
- Daily chart shows persistent bearish momentum with red candles and failed resistance tests reinforcing downside pressure.
- On Orca, Fartcoin sees weak recovery near 1.28 SOL as resistance at 1.45 SOL caps gains and low volume reflects fragile sentiment.
Fartcoin’s recent price action shows a shift in momentum as a confirmed rising wedge breakdown signals a bearish trend. On Binance, FARTCOINUSDT.P dropped sharply after breaching a key ascending support near $1.40. The asset previously surged from $0.36 to a high of $1.60 between March and early May.
However, tightening price action formed a rising wedge, often a precursor to trend reversals. A decisive red candle below the wedge confirmed the breakdown, triggering a bearish outlook with a projected 52.87% decline. The expected target near $0.64 emphasizes the structure’s typical retracement behavior. At press time, Fartcoin trades at $1.1795, continuing its downward slide with increasing bearish pressure.
Bearish Structure Unfolds on Daily Timeframe
The breakdown from the rising wedge invalidated Fartcoin’s previous uptrend. Consecutive red candles reinforce the shift in market sentiment. Moreover, the price failed to break above resistance, forming consistent rejections at the wedge’s upper boundary. Consequently, selling pressure built up, pushing price action beneath key support. The psychological $1.00 level could act as interim support before deeper downside unfolds.
Source: Captain Faibik
Besides, the data reflects classic technical behavior often seen during wedge breakdowns. Though volume data isn’t shown, the wedge’s narrowing shape suggests fading bullish momentum. Hence, traders now anticipate further losses unless strong buying returns. The 52.87% projected drop, marked visually, strengthens bearish convictions.
Short-Term Recovery Meets Resistance on Orca
Meanwhile, over on Orca’s Fartcoin/SOL, the 4-hour timeframe reveals short-term volatility. After climbing from 1.10 to 1.45 SOL between May 9 and 13, Fartcoin faced a sharp correction. Prices dropped to 1.25 SOL by May 16, forming a local bottom. However, a curved recovery began soon after, showing slight bullish signs.
Source: Meta Gorgonite
Additionally, recent candles show minimal gains, with price now at 1.2802 SOL. The slight 0.06% increase indicates weak bullish momentum. Resistance near 1.45 SOL remains intact, while support around 1.25 SOL holds firm. Recovery volumes remain low, reflecting cautious sentiment. Moreover, the broader outlook depends on whether buyers defend support zones. Failing to hold could extend the correction. Conversely, breaking resistance might revive bullish hopes.
