Fartcoin [FARTCOIN] had a rough week, and it wasn’t alone. The memecoin space fell face-first into the red, led by FARTCOIN’s 18.5% weekly drop, the steepest among top names.
Sentiment across memecoins is shaky, so the path ahead looks a lot more careless than these tokens are meant to be.
Price is weak as pace loses steam
Source: TradingView
FARTCOIN’s 18% drop over the last week wasn’t caused by a single sell-off. This was pressure built over several sessions.
On the daily chart, price slipped below the mid-Bollinger Band and is now going closer to the lower band, which means sellers hold the reins.
The RSI has fallen into the low 40s, so pace is weak too. MACD has flipped bearish; the lack of momentum is actually in freefall and may just get worse.
Source: Coinalyze
Fartcoin’s aggregated Open Interest (OI) had dropped considerably, so traders are closing positions and not adding any more bets. Funding Rates were also weak, with slowed leverage appetite and fragile mood.
And it didn’t stop there
The entire memecoin sector took a big beating. Over the past week, most top names closed firmly in the red, which is very indicative of a market-wide cooldown. This isn’t an isolated event.
Dogecoin [DOGE] and Shiba Inu [SHIB] both slid around 9%, so even the more well-known memecoins weren’t spared. Pepe [PEPE] dropped nearly 12%, while Bonk [BONK], Floki [FLOKI], and dogwifhat [WIF] also logged double-digit weekly losses.
Source: CoinMarketCap
Relatively newer favorites like Pudgy Penguins [PENGU] and SPX6900 [SPX] were not spared either, each falling more than 15%.
It’s become obvious that the memecoin craze from the initial days of the new year has passed. Traders are now pulling back from high-risk bets, reducing exposure to meme tokens as their belief in the fun sector dwindles by the day.
Final Thoughts
- FARTCOIN dropped 18.5% over the last week.
- This happened as the entirety of the memecoin sector fell roughly into the mud.
Source: https://ambcrypto.com/fartcoin-sinks-18-new-years-memecoin-mania-starts-to-unwind/
