Key Takeaways
- Fartcoin surged to $1.39, driven by whale accumulation, rising futures demand, and strong technicals. RSI and MACD signal momentum, but overbought conditions may trigger a pullback to $1.1.
Fartcoin [FARTCOIN]soared 17.09% in 24 hours, tearing through a descending channel to hit a monthly high of $1.39.
This marked a strong recovery from the local low of $1.09 recorded on 10th July.
As of this writing, Fartcoin was trading around $1.36, a slight retrace from the daily high but still indicating strength.
The price hike propelled the memecoin’s market to $1.36 billion, marking a 16.2% increase.
Over the same period, the memecoin’s trading volume spiked by 52% to $430 million, reflecting growing demand.
Fartcoin whales led the charge
As the crypto market recovered over the past day, with Bitcoin [BTC] reaching an ATH, Fartcoin whales returned, fearing to miss out.
According to Nansen, Fartcoin Top holders reentered the market and increased their holdings by 16.12% scooping up 10. 59 million.
At the same time, they sold 4.12 million, leaving a positive netflow of 6.51 million.
Source: Nansen
By doing so, Top Holders’ total supply surged to a new all-time high of 547.17 million, marking 54.72% of the total supply held.
As a result of massive whale accumulation, Exchange Flow also shifted significantly. According to CoinGlass data, Spot Netflow dipped to -$1.34 million.
Source: CoinGlass
When Exchange Netflows turn negative, it implies more acquisitions than sales, which is a clear sign of aggressive spot demand.
Futures are not sitting by
Interestingly, as prices soared, so did the appetite for futures positions, with investors rushing to position themselves strategically.
According to Coinalyze, Fartcoin’s Aggregated Funding Rate has remained positive over the past four days.
At press time, the Funding Rate was around 0.0187 while its predicted value sat around 0.022.
Source: Coinalyze
Notably, when the Funding Rate holds within positive territory for a sustained period, it implies a higher demand for long positions.
A higher demand for longs suggests traders are betting on higher prices.
Can Fartcoin hold recent gains
According to AMBCrypto’s analysis, Fartcoin saw a substantial upsurge as Whales rushed to accumulate the memecoin.
As a result, the memecoin’s Relative Strength Index (RSI) soared to 85.62, touching the overbought zone.
Source: Tradingview
At the same time, MACD surged to 0.0340, signaling strong upward momentum and its potential to continue. When momentum indicators reach these levels, they signal either a potential rally or brewing volatility.
That said, if buyers continue accumulating the memecoin at the current speed, the uptrend will continue, and Fartcoin will attempt $1.5 resistance.
However, if the momentum fades, especially after hitting overbought, the memecoin will retrace to $1.1
