Solana-based meme coin FARTCOIN is today’s top-performing asset, climbing almost 20% in the last 24 hours. The meme coin extended its gains after Coinbase added it to its listing roadmap on June 5.

Technical and on-chain data signal that market participants are pricing in a potential Coinbase listing, historically known to provide a short-term price boost for newly added assets.

Since Coinbase announced FARTCOIN’s inclusion in its listing roadmap, there has been a surge in trading activity around the meme coin. Technical readings show a marked increase in buy-side volume, hinting at the possibility of an extended rally.

For example, readings from the token’s Moving Average Convergence Divergence (MACD) indicator show that a golden cross has been formed. This bullish signal typically suggests growing upward momentum.

An asset’s MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines. The golden cross pattern emerges when the MACD line (blue) crosses above the signal line (orange), indicating a potential bullish shift in the market trend.

When the MACD line is above the signal line, it indicates bullish momentum, suggesting that the asset’s price may continue to rise. The successful formation of the golden cross will strengthen FARTCOIN’s rally and drive more gains as demand climbs. 

Furthermore, the altcoin’s Relative Strength Index (RSI) lies above the 50-neutral line, showing an upward trend at press time. It is currently at 54.56, reflecting the demand for FARTCOIN.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

FARTCOIN’s RSI reading highlights the growing demand for the altcoin, which could push it to new highs in the short term. 

The meme coin trades at $1.25, inching closer to the resistance at $1.29. If demand strengthens and FARTCOIN flips this price level into a support floor, it could open the door to a rally toward $1.46.

However, if profit-taking commences, this bullish outlook will be invalidated. In that scenario, FARTCOIN could lose its recent gains and fall to $1.16.

Should this level fail to hold, the FARTCOIN token could correct further to $0.94. 

The post FARTCOIN Leads Crypto Market Rally as Coinbase Hype Deepens appeared first on BeInCrypto.

236 +