FARTCOIN Jumps 17% as Big Buyers Fuel Rally
Key Takeaways
FARTCOIN, a memecoin, saw a price increase of 17.19% within 24 hours. Three large investors (so-called “whales”) purchased FARTCOIN worth a total of $5.6 million USD. Trading volume and interest in the derivatives market also rose significantly. Despite the positive momentum, upcoming resistance levels could slow down the rally.
Whales Drive Price Momentum
The recent price movement of FARTCOIN can be attributed to targeted purchases by three large investors. According to data from Lookonchain, they invested a combined $5.6 million USD in the coin. Such purchases are often seen as a signal for other market participants to follow suit. That seems to have worked: demand also increased in the spot market – the direct purchase of cryptocurrencies. Over the past seven days, FARTCOIN worth $1.74 million USD was bought there.
Derivatives Market Shows Growing Momentum
Interest is also increasing in the derivatives market, where trading involves futures contracts and leveraged products. The so-called open interest – the total volume of open positions – rose by 22% to $559.97 million USD. At the same time, the weighted funding rate remained positive at 0.0195%. This indicates that many traders are betting on rising prices. The funding rate is an indicator of whether long or short positions dominate. Positive values suggest a bullish market sentiment.
Trading Volume Rises Sharply
Alongside the price increase, trading volume also surged. Within a single day, it rose by 84% to $3.18 billion USD. This indicates that many market participants are actively trading FARTCOIN, which increases liquidity and supports short-term price movements.
Resistance Levels Could Slow the Rally
From a technical perspective, FARTCOIN now faces several resistance levels. The first is at $1.169 USD. If this threshold is surpassed, further hurdles could follow up to the $2.47 USD range. A rise to this level would represent a price gain of around 134%. Two conditions must be met for this to happen: sustained buying pressure and low selling activity at the resistance zones.
Our Assessment
FARTCOIN is currently benefiting from a combination of large investors, growing demand in both the spot and derivatives markets, and increasing trading activity. The short-term outlook remains exciting, especially in light of the technical resistance levels. Anyone investing in memecoins should be aware of the high volatility and monitor market conditions regularly. Whether the current upward trend continues will largely depend on the behaviour of market participants in the coming days.
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Sources
- Lookonchain
- Solscan
- Coinglass
- TradingView
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