Watch Fartcoin’s Downtrend: Head and Shoulders Signal 90% Price Fall

News, Trending

  • Fartcoin’s head and shoulders pattern indicates a potential 90% drop.
  • The neckline at $0.167 is crucial for Fartcoin’s price direction.
  • Breaking key support could send Fartcoin to as low as $0.03.

Fartcoin’s most recent price chart shows an extremely identifiable head and shoulders pattern, indicating a possible downside ahead for the cryptocurrency. The chart, posted by analyst Ali, shows the head of the coin at $2.15 downwards to the current right shoulder formation around $0.39. This very well-known technical pattern is often considered an indicator of reversal hints at possible decline toward lower levels soon, probably hitting as low as $0.03 based on Fibonacci retracement levels.

Source: X

The Formation of a Head and Shoulders Formation

Without a doubt, the head and shoulders formation is one of the most such figures in terms of chart patterns from the technical standpoint and marks out a potential trend reversal. The chart of Fartcoin manifests that pattern without any ambiguity, with the head at $2.157-a very noteworthy high point-one entirely possible left shoulder at $1.80, and the right shoulder currently forming at around $0.39. 

The neckline of the formation is drawn from the low of $0.167, hence acting like the most important support level for this pattern. When the price approaches this price level, there is a good chance that it has crossed over and a possible major slump into the token’s value could be near.

Some minor rally was seen as well with the left shoulder touching $1.80, after which price correction resumed again, heading lower into the head formation. This small rally could be a last-ditch effort by traders to try and push the price higher before the bearish formation goes into full swing. As usually seen in this pattern, after reaching a peak at the head, the price dropped again before forming the right shoulder at $0.39. Right now, this right shoulder struggles to hold above the support levels, and the downward pressure suggests that the breakdown below these levels is inevitable.

Fibonacci Levels and Predictions About Prices

Fibonacci retracement levels also play a very important role in marking the probable support and resistance zones. Important Fibonacci levels on the chart are: 0.236-$1.80; 0.382-$0.8135; 0.5-$0.6191. These levels then represent potential barriers that the price would not climb over, which will further confirm the continuance of the bearish trend. So far, the price has begun to retreat from these levels, further ensuring that the head and shoulders pattern will most probably lead to a downtrend.

The most important Fibonacci level in the chart is the 0.618 level, which is at $0.2900. This level is likely to become a next support zone. The price, however, probably won’t hold here due to the strong bearish momentum, and the next most important level is the 0.786 retracement level at $0.167. This level corresponds to the neckline of the head and shoulders pattern, and a break below it could have significant further downside risk to Fartcoin, potentially as much as the 1.618 level at $0.033, which would be a considerable drop.

Market Sentiment and Future Outlook

The market sentiment around Fartcoin seems to be taking a turn for the worse. Current price action, along with that head and shoulders pattern from technical terms, implies that investors should hold back. If the price crosses the neckline downwards, it is most likely heading for the southern-end trend lines.

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