Fartcoin Drops 8.314% Amid Whale Accumulation and Bullish Signals

Fartcoin's latest price was $0.8296, down 8.314% in the last 24 hours. Fartcoin, a memecoin inspired by an AI experiment dubbed ‘Terminal of Truth’ (ToT), debuted in October 2024 and has since gained significant traction among its community for sharing gastrointestinal humor, particularly “fart” memes and jokes on X (formerly Twitter).

The token has experienced a surge in social media interest, with its social volume spiking over 450% in April, preceding its more than 200% rally this month. This heightened social engagement often correlates with renewed speculative interest, particularly in meme-centric assets.

Despite the steep correction, media metrics suggest that Fartcoin is regaining attention. The token’s open interest in the futures market has increased by roughly 500% since the start of the year. The token’s funding rates have also remained largely positive throughout April, indicating that more traders are betting on further upside.

This growing interest has prompted top crypto traders to call for a tier-1 exchange listing for Fartcoin. Some even compare its meme energy and resilience to Ethereum-based memecoin Pepe ($PEPE), which exceeded a $10 billion market cap in 2024.

On the technical side, the Fartcoin/USDT one-hour chart shows a well-formed harmonic ABCD pattern, hinting at a potential bullish reversal. The price has moved from point A to point B, followed by a corrective pullback to point C, and is now approaching the projected D-point in the $0.84 to $0.85 region. This area aligns with a previously established demand zone, increasing the likelihood of a rebound.

Recent candlestick patterns have been dominated by strong bearish candles with long bodies and minimal upper wicks, signaling sustained selling pressure. However, as the price approaches key support, traders are closely monitoring for bullish reversal signals such as hammer candles, engulfing patterns, or morning star formations.

The MACD histogram remains in negative territory, confirming the current bearish momentum. A bullish candlestick confirmation near the $0.84 to $0.85 support range would strengthen the argument for a recovery toward the $0.90 to $0.93 resistance zone.

Amid market uncertainty, Fartcoin appears to be gaining significant attention from crypto whales. 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.

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. 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.

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 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. 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.