FartCoin faces correction after $1.64 rejection, can $1.05 support hold the line?

At last check Friday, Fartcoin — a meme-based cryptocurrency launched in October 2024 on the Solana blockchain — hovered at around $1.31, down 7.1% for the day.

It was rejected sharply from the $1.64 resistance, triggering a corrective move. With the price hovering near the value area high, all eyes are now on the $1.05 support level.

Earlier this week, Fartcoin (FartCoin) entered a corrective phase following a sharp rejection from $1.64 — a key resistance level aligned with a prior swing high. This move was not just technical; it confirmed a classic liquidity grab, where price wicked above the previous high only to reverse aggressively.

Fartcoin is likely to continue its downward trend toward the point of control, around $1.05. This support area is particularly significant, as it aligns with both the high time frame support and the 0.618 Fibonacci retracement level — a zone that often acts as a magnet for corrective moves and a launchpad for bullish reversals.

Key technical points:

• Liquidity Grab at $1.64: Swing high taken, followed by sharp rejection and bearish engulfing candle
• Next Key Support at $1.05: Confluence of point of control, 0.618 Fibonacci, and HTF support
• Bearish Momentum Ongoing: No bottoming structure formed yet; further downside remains likely

The ongoing pullback is backed by a climactic volume node, suggesting that the recent rally may have reached exhaustion, at least for now. The rejection candle formed a bearish engulfing pattern on the daily timeframe, further strengthening the case for a short-term correction.

Technically, the market structure remains vulnerable until FartCoin reaches and successfully tests the $1.05 support zone. This level must hold if bulls want to establish a higher low and maintain the broader bullish structure. If price bounces from this area with volume confirmation, it could set the stage for a renewed move toward the highs.

However, if $1.05 fails to hold, then the door opens for a deeper retracement toward $0.90, or even a revisit to the previous swing low, effectively turning the current structure into a range between $0.90 and $1.64.

Until a bottoming pattern clearly forms, caution is warranted. Traders should remain patient, as chasing entries before support is confirmed increases risk in a volatile corrective environment.

What to expect in the coming price action

If FartCoin confirms a daily close below the value area high, a move to $1.05 becomes highly probable. This zone must hold for bulls to regain control and form a higher low.