Selling pressure is heavy: Fartcoin is at risk of breaking through an important support zone.

Since mid-August, Fartcoin (FARTCOIN) has continuously faced selling pressure, as traders have become more cautious due to weakening signals indicated by both technical analysis and on-chain data in recent trading sessions.

According to data from Bitcoin Magazine, in the past 24 hours, this memecoin has decreased by nearly 2%, currently fluctuating around the level of 0.95 USD after falling below the 1 USD mark. This decline clearly reflects the increasingly strong hesitation from buyers and the risk-averse sentiment that is spreading throughout the cryptocurrency market.

In addition, the trading volume of FARTCOIN also shares the same fate, indicating that the confidence of the buying side is clearly weakening.

Fartcoin pauses at important Fibonacci levels

Fartcoin continues to struggle in the support range of 0.90–0.95 USD after multiple rejections at higher Fibonacci retracement levels. The resistance areas around the marks of 1.32 USD and 1.4 USD have yet to be broken, further highlighting the persistent selling pressure.

In addition, at the time of writing, the Relative Strength Index (RSI) is only around 42, reflecting relatively weak buying momentum. However, the fact that the price is accumulating around this support zone also indicates that a decisive breakout may soon occur.

If Fartcoin breaks below 0.9 USD, the likelihood of a downward momentum accelerating is high. Conversely, if it can hold this level, the price may bounce back in the short term.

Source: TradingView## OI decreases while the Short side dominates

The derivatives market data continues to reinforce the pessimistic backdrop for this memecoin. At the time of writing, the Open Interest volume (OI) has decreased by 8.29% to $724.56 million, indicating that the participation rate of traders is declining and the speculative appetite is also weakening.

This reflects that investors are more inclined to close their positions rather than open new ones. Additionally, the Long/Short ratio stands at 0.88, with 46.9% Long positions compared to 53.1% Short positions, confirming that the bears are in control.

Source: CoinGlass## Network growth continues to weaken

The on-chain indicators also reinforce the negative trend, as the Network Growth indicator dropped sharply to only 201 new addresses on August 16, compared to a peak of over 12,000 wallets in July.

This sharp decline indicates a slowdown in the expansion of the network and the level of user participation.

At the same time, the Social Dominance index (, which measures the discussion rate related to Fartcoin compared to the entire market ), has also dropped to only 0.096%, much lower than the peak of 0.35% at the end of July, indicating that the level of interest in FARTCOIN on social media has weakened significantly.

Source: Santiment## Conclusion

Fartcoin continues to go through a difficult phase as technical momentum weakens, OI plummets along with a decrease in network activity.

Unless the buyers can reclaim important resistance levels and on-chain activity signals a recovery, this memecoin is still at risk of breaking through the current support zone.

Itadori