FARTCOIN Faces Bearish Pressure Amid 12% Price Decline

FARTCOIN, a popular memecoin, has seen a significant drop in value over the past 24 hours. With a decline of over 12%, the cryptocurrency has lost its four-month support level at $0.2145. This shift in price action is largely attributed to the increased use of leveraged short positions.

According to data from CoinGlass, the cumulative short liquidation leverage on Hyperliquid exchange reached $58.28 million, with around 65.09K FARTCOIN units being shorted. This represents a significant imbalance in market positioning, with bears dominating the market.

The lack of holder growth is also contributing to FARTCOIN's bearish outlook. On-chain data from CoinMarketCap shows that holders have remained stagnant at around 160.86K since February. The absence of new interest in the memecoin suggests a lack of confidence among traders, further supporting the bearish trend.