FARTCOIN, a memecoin, recently experienced a significant rally, becoming the top gainer on CoinMarketCap with a 17.19% increase in the past 24 hours. This surge continued a bullish trend for FARTCOIN, which has seen a 105% increase in the past month. This spike in price can be attributed to three whales who collectively purchased $5.6 million worth of FARTCOIN, sparking interest from spot traders in the market. Spot traders have been accumulating the asset, with demand steadily increasing over the past four weeks.
Additionally, derivative market traders have shown a growing interest in FARTCOIN, as evidenced by a significant rise in Open Interest and the number of new contracts being added to the market. The surge in Open Interest-weighted funding rate indicates that traders are anticipating a market rally, leading to increased buyer interest in the derivatives market. This has contributed to a surge in trading volume to $3.18 billion, indicating strong bullish momentum.
Despite the positive momentum, FARTCOIN may encounter some obstacles as it approaches key resistance levels on the chart. The first major resistance level is at $1.169, with three additional resistance levels to follow. If FARTCOIN is able to surpass these levels and reach a peak target of $2.47, it could potentially see a return of 134%. However, achieving this will require strong upward momentum and limited selling pressure at these resistance levels. It remains to be seen whether FARTCOIN will be able to maintain its bullish momentum and continue its upward trajectory in the coming days.
