Cryptocurrencies traded in the red on Friday as Bitcoin dropped below again $85K after the latest Fed-induced relief rebounds.
However, sentiments signal potential shifts, with experts forecasting impressive actions for altcoins in the coming trading sessions.
As altcoin season speculations emerge, analyst Altcoin Sherpa focused on the AI project Fartcoin.
He highlighted $0.2905 as the crucial foothold for FARTCOIN’s potential recoveries.
If this FARTCOIN level holds, next stop would be the $0.55-$0.65 region up next
hot air rises
Sherpa believes the altcoin could soar toward $0.65 if bulls defend the key support.
That would translate to an approximately 45% surge from Fartcoin’s current price of $0.3590.
Meanwhile, the nearest resistance at $0.4088 remains crucial for the altcoin’s trajectory.
FARTCOIN failed to break this obstacle with its latest attempt.
Another rejection will likely trigger declines toward $0.2905.
Breaching this zone will demonstrate bear dominance and delay the anticipated near-term bounce-back.
A decisive move past $0.4088 could support extended gains to $0.55 – $0.65, above which FARTCOIN will meet a long-term resistance at $0.6920.
Broad market sentiments would be vital in determining Fartcoin’s short-term price direction.
Meanwhile, the crypto landscape could be on the verge of an “altcoin season,” according to analysts.
The materializing altcoin season
Crypto trader and analyst Ash Crypto observed a vital technical setup for the altcoin market.
The weekly chart reveals altcoin market capitalization, excluding Bitcoin.
Meanwhile, the key development is the bullish divergence between the Relative Strength Index and altcoins’ market cap.
The divergence suggests strengthening underlying momentum despite a bearish price outlook, suggesting impending turnarounds.
The market cap printed a higher low after the latest retracement, suggesting a possible support barrier.
The Relative Strength Index formed a lower low after the higher low price pattern.
That printed a bullish divergence, which often heralds significant reversals.
The uptrend line confirms buyers reentering to defend the key support.
The latest green candlesticks highlight revived investor optimism, empowering the bullish divergence indicator.
The market cap could rally to $1.2 trillion if it holds the trendline and the Relative Strength Index confirms the emerging reversal.
However, breaching the trendline might see the altcoin market revising the support at $800 – $900 billion.
That would further delay the anticipated 2025 altcoin season.
Current altcoin market outlook
The market capitalization of all altcoins maintained downtrends with lower lows and higher lows since mid-December 2024.
The altcoin market cap recently secured a reliable support barrier at $1.03 trillion, catalyzing bounce-back speculations.
However, the rebound might not be easy as prices remain beneath key MAs.
The 200-day SMA presents a significant resistance at $1.16 trillion.
Also, the largest altcoin by value, Ethereum, hints at bearish near-term actions.
ETH trades at $1,970 after losing over 2% in the past day.
Invezz highlighted a potential Ethereum crash to $1,250, a more than 36% dip from Ethereum’s current price.
Amidst the uncertainty, FARTCOIN enthusiasts will watch the resistance at $0.4088 and the support barrier at $0.2905.
The post FARTCOIN eyes 45% rebound as market sentiments shift appeared first on Invezz