bullish

Fartcoin

On December 18, Solana-based meme coin Fartcoin hit a new all-time high (ATH), briefly pushing its market capitalization beyond the $1 billion mark. 
The surge came amidst a slump in the broader crypto market caused by pressure from the U.S. Federal Reserve announcing a 25-basis point rate cut, coupled with projections of fewer rate reductions in 2025. 
<h2 id="lighting-up-the-market-gloom">Lighting Up the Market Gloom</h2> 
The Fed’s announcement seemed to have rattled investors, with major cryptocurrencies such as Bitcoin and Ethereum <a href="https://cryptopotato.com/bitcoin-price-tumbles-toward-100k-despite-feds-latest-rate-cut/" target="_blank" rel="noopener" data-wpel-link="internal">shedding</a> 4% and 5% of their values, respectively, in the last 24 hours. 
Among the top ten, <a href="https://cryptopotato.com/why-did-ripples-xrp-price-crash-by-18-in-36-hours/" target="_blank" rel="noopener" data-wpel-link="internal">XRP</a> and Dogecoin performed even more poorly, with the former down 6.8% while the latter lost 5.8% of its worth. 
Despite the gloom, Fartcoin was among the few altcoins to stay in the green, jumping 21% to reach an all-time high of $1.02. With a circulating supply of 999,995,862 tokens, the new price pushed its market cap to about $1.01 billion, according to CoinGecko <a href="https://www.coingecko.com/en/coins/fartcoin" target="_blank" rel="noopener" data-wpel-link="external">data</a>. 
However, the rally didn’t last long, with the meme coin subsequently retracing to $0.7158 before kicking off another recovery rally. At the time of this writing, it was changing hands at $0.9889, a 17.6% improvement across 24 hours and just 5.4% below its all-time high. 
The token’s current price puts its overall value at around $955 million, placing it at #129 among the largest cryptocurrencies in the market. 
Fartcoin’s gains were more pronounced across longer periods, with a whopping 446.1% increase over the past fortnight and an equally impressive 220.8% jump in the last 30 days. Additionally, over seven days, the meme coin registered an 85% uptick, significantly outperforming the broader crypto market, which was down 2.7% in the same period. 
<h2 id="analysis-and-future-outlook">Analysis and Future Outlook</h2> 
The irreverently named cryptocurrency’s performance aligns with a bullish five-wave impulse pattern noted by analysts. Its $1.01 ATH was the culmination of Wave 3 of that pattern, which was marked by major resistance. 
As such, market watchers are now predicting a corrective Wave 4 pullback toward the $0.70 to $0.58 range before the coin resumes its uptrend in Wave 5, with targets set at $1.12 and $1.27. However, they urge caution since, in their opinion, a drop below $0.58 could invalidate Fartcoin’s bullish outlook. 
Similarly, the meme token’s Relative Strength Index (RSI) shows overbought conditions, suggesting a potential cooldown before its next rally. 
The post <a href="https://cryptopotato.com/fartcoin-reaches-ath-surpassing-1b-market-cap-despite-fed-induced-downturn/" rel="nofollow">Fartcoin Reaches ATH, Surpassing $1B Market Cap Despite Fed-Induced Downturn</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Fartcoin Reaches ATH, Surpassing $1B Market Cap Despite Fed-Induced Downturn

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