Onchain Lens indicated that a whale bought back 1.6 million Fartcoins for $2 million USDC at a coin price of $1.25 each. After making $368.5K on Fartcoin in a previous profitable trade, the whale continues to express interest in the cryptocurrency. The whale’s activities have drawn attention to the fact that Fartcoin is performing well in the market.
Onchain Lens indicated that a whale bought back 1.6 million Fartcoins for $2 million USDC at a coin price of $1.25 each. After making $368.5K on Fartcoin in a previous profitable trade, the whale continues to express interest in the cryptocurrency. The whale’s activities have drawn attention to the fact that Fartcoin is performing well in the market.
The open interest in Fartcoin’s futures market has now hit a record high of $715.48 million. It proves that many traders are making bets on the direction of future prices. The long-to-short ratio, standing at 1.0683, suggests that more traders are betting Fartcoin will rise, hinting at potential future growth.
The forward surge was supported by news that Coinbase is adding Fartcoin perpetual futures to its platform. Starting from June 12 at 9:30 AM UTC, these futures will be offered on both its advanced and international exchanges. The addition of Fartcoin to Coinbase’s future asset list is leading many to believe a is on the way.
The technical chart of displays a clear indication of rising prices. The cryptocurrency has recently broken out of a descending channel on the 4-hour chart, signaling a potential trend reversal, while momentum indicators like the Awesome Oscillator (AO) have turned positive, confirming growing upward momentum. Additionally, the rising Money Flow Index (MFI) reflects increasing buying pressure in the market.
From an on-chain perspective, Fartcoin’s current market price of $1.23 sits comfortably above its realized price of $0.86, indicating that the majority of holders are in profit. The $0.37 premium of market price over realized value suggests sustained bullish sentiment among investors, potentially paving the way for continued price appreciation in the near term.
Additionally, Fartcoin is forming a double-bottom pattern, in addition to its breakout pattern. This indicates that its corrective phase is complete. Following its latest rise, the price of may be set to reach $1.75, which is almost close to the 0.382 Fibonacci level.
If the trend holds, Fartcoin could rise up to $2. Nonetheless, if demand decreases, the coin might fall to around $0.70, giving investors a reason to closely monitor market changes.
The sudden increase in Fartcoin is due to strong interest from major investors, growing interest in futures, and Coinbase’s involvement. The indicators suggest that the coin might go up in the near future. Yet, just as with other cryptocurrencies, Fartcoin is volatile, so traders should pay attention to any changes in the market.
