Fartcoin has managed to surge by more than 400% since its March lows, with fuel from whale accumulation and smart money interest.
Fartcoin is by far outperforming both Dogecoin and Shiba Inu on all timeframes and has indeed stolen the spotlight.
According to insights from crypto analyst Altcoin Sherpa in a 20 April post, Fartcoin is “looking pretty good.”
Despite the hype and heavy trading, the charts show that Fartcoin could be approaching a major resistance level.
Dogecoin and Shiba Inu remain the most popular memecoins on the market.
However, another major contender is managing to steal the spotlight.
This new competitor is the strangely named Fartcoin, which has managed to surge by more than 400% since its March lows.
Fartcoin’s jump has been fueled by everything from whale accumulation to smart money interest and is mirroring rallies seen in other assets like Bonk and WIF.
Only a few months ago, Fartcoin was a relatively unknown player in the memecoin space.
However, the cryptocurrency appears to have bottomed-out in March before staging a massive rebound and increasing by 400%.
The cryptocurrency has now broken above the psychological $1 mark after rising by around 88% in the last month alone.
Fartcoin’s performance above $1
Fartcoin is by far outperforming both Dogecoin and Shiba Inu on all timeframes and has indeed stolen the spotlight.
At the time of writing, Fartcoin is trading at $0.8797 with a market cap of around $879.7 million.
So what has been fueling this shot at the moon?
As it stands, Fartcoin is beating the rest of the market as the most purchased token by smart money.
This token has racked up over $1.96 million in large-scale buys in a single day.
Stalkchain data shows that one wallet alone invested $1 million into the coin via two separate purchases.
This whale bought $500,000 worth of the memecoin at an average price of $0.8907 and another $500,000 at $0.9128.
Another more interesting factor is how a wallet funded directly by the Rollbit crypto casino’s treasury bought $758,000 worth of Fartcoin.
This means that institutional interest has been flowing in, and is fueling the cryptocurrency’s rise.
According to insights from crypto analyst Altcoin Sherpa in a 20 April post, Fartcoin is “looking pretty good.”
The analyst initially predicted a price move into the $0.90s range, with the possibility of a short-term pullback to $0.75 or even $0.70.
He noted that such a dip would be a "gift" for the most patient of traders, who are looking for the next structured leg higher.
According to the analyst, there are two possible paths for Fartcoin.
The cryptocurrency can either continue to new highs or correct further down, with both scenarios largely depending on Bitcoin’s behavior.
Bitcoin, at the time of writing, is hovering near $87,000, and its next move could dictate what happens next with Fartcoin.
Despite the hype and heavy trading though, the charts show that Fartcoin could be approaching a major resistance level.
The cryptocurrency is currently trading within an ascending parallel channel.
Earlier today, Fartcoin hit a new high of $1.06, which is an important milestone, but one that might come with some downside.
Possible resistance zones above $1
For starters, the area around $1.10 to $1.15 is a strong resistance level, and several indicators are starting to flash warning signs.
Both the RSI and MACD are showing early signs of bearish divergence, which means that while the price is climbing, momentum is fading.
If the price were to close below $0.95, it would mean that the current rally is a bull trap and could send prices back toward the $0.70–$0.75 range that Sherpa pointed out.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.