- If FARTCOIN successfully closes a daily candle above $0.989, it could rally 50% to reach $1.55.
- Traders are over-leveraged at $0.83 on the lower side and $0.885 on the upper side.
Amid market uncertainty, Fartcoin [FARTCOIN] appears to be gaining significant attention from crypto whales.
Whale eyes on FARTCOIN
On the 16th of April, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter), revealing that a crypto whale spent $9.97 million to buy back 11.21 million FARTCOIN.
The whale who previously profited $3.33 million from FARTCOIN has re-entered the market, signaling a potential buying opportunity. Initially, the whale spent $8.15 million to acquire 13.39 million memecoins at an average price of $0.61, later selling them for $0.86.
At press time, FARTCOIN traded near $0.887, down 2.30% on the day but recovering from a low of $0.803.
Meanwhile, 24-hour trading volume dropped 35%, reflecting cautious market participation amid broader turbulence.
On-chain metrics turn bullish
However, the on-chain analytics firm CoinGlass has revealed that traders have shown strong interest in and confidence in the memecoin.
According to the data, FARTCOIN’s Long/Short ratio stood at 1.02, indicating strong bullish sentiment among traders. This metric also shows that traders betting on the long side are dominating the asset.
Source: Coinglass
In fact, traders had stacked $6.03 million in longs around $0.83 support.
Conversely, they held $2.73 million in shorts near $0.885 resistance, now flirting with liquidation as the price climbed.
Source: CoinGlass
When comparing traders’ positions, it appears that long positions are comparatively higher than short positions, indicating that the bulls are back and currently dominating the asset.
Additionally, technical indicators remain constructive, reinforcing the bullish outlook.
FARTCOIN’s technical analysis and upcoming level
According to expert technical analysis, FARTCOIN has recently broken out of a bullish inverted head and shoulders price action pattern on the daily timeframe and is currently consolidating within a tight range.
This ongoing consolidation appears to be a bullish sign for the memecoin, as it resembles an area of accumulation.
Source: TradingView
Additionally, leverage pockets highlighted key risk zones. Traders were over-leveraged at $0.83 on the downside and $0.885 on the upside, tightening price action.
In summary, FARTCOIN’s whale accumulation, bullish positioning, and chart breakout all point toward upside potential.
However, a decisive daily close above $0.989 remains crucial for confirmation.