Key Takeaways
Fartcoin dropped to $0.93, facing resistance at $1.32 and $1.40. Open Interest dropped, and network growth plunged, raising risk of further downside.
Since mid-August, Fartcoin [FARTCOIN] has been under sustained selling pressure, with traders showing caution as technical and on-chain indicators flagged weakness across sessions.
The memecoin has dropped 10% in the last 24 hours, trading at $0.93, at press time, after slipping below the $1 mark. This decline reflects growing hesitation from buyers and reduced appetite for risk across the broader crypto market.
Moreover, trading volumes slowed, underscoring weak conviction among bulls.
Fartcoin price action stalls at key Fibonacci levels
Fartcoin continued to struggle near the $0.90–$0.95 support zone after repeated rejections at higher Fibonacci retracement levels.
Resistance around $1.32 and $1.40 remained unbroken, highlighting persistent selling pressure.
Furthermore, at press time, the Relative Strength Index (RSI) sat near 42, indicating weak momentum on the buy side.
Having said that, the consolidation near this support suggested a decisive move could emerge soon.
A breakdown below $0.90 would likely accelerate losses, whereas defending this level could open the door for a temporary bounce.
Source: TradingView
Open Interest declines while shorts remain in control
Derivatives market data reinforced the bearish bias.
At the time of writing, Open Interest (OI) dropped 8.29% to $724.56 million, reflecting reduced trader participation and fading speculative appetite.
This decline showed that market participants were closing positions instead of opening new ones.
On top of that, the Long/Short Ratio sat at 0.88, with 46.9% longs versus 53.1% shorts, confirming that sellers dominated.
Fartcoin network growth and social dominance weaken further
On-chain metrics confirm the bearish outlook, with Network Growth plunging to 201 new addresses on the 16th of August, down sharply from highs above 12,000 in July.
This steep drop highlights fading adoption and reduced user participation.
At the same time, Social Dominance slipped to 0.096%, well below its late-July highs of 0.35%, reflecting declining discussion volume relative to other cryptocurrencies.
Can Fartcoin avoid a deeper breakdown?
Fartcoin continues to struggle under weak technical momentum, falling open interest, and declining network participation.
Unless buyers can reclaim key resistance levels and on-chain activity shows signs of recovery, the token remains at risk of breaking below its current support.