<b>Fartcoin Price Drop Sparks Concerns of Further Decline</b>

Fartcoin has been on a downward trend in the past day, losing over 12% of its value as the broader crypto market experienced a decline of 4%. The memecoin sector, which includes Fartcoin, saw a 2% drop despite an increase in trading volume.

However, some memecoins have managed to defy the trend and remain stable. Those with AI narratives have seen significant growth, but Fartcoin's lack of real-world utility has contributed to its decline.

The chart analysis reveals that Fartcoin had been stuck in a sideways market since October 10, creating a support level at $0.2145. However, the price fell below this level in February, breaking the four-month support and indicating a bearish trend continuation.

Leveraged short positioning has also contributed to Fartcoin's decline, with an imbalance between long and short accounts. The Long/Short Accounts metric showed 54.25% of accounts positioned short, versus 45.75% long. This dominance is further reinforced by leverage clusters.