Whale Invests $1.72M in Fartcoin Amid 3.57% Price Drop and Double Top Formation

A whale executed a significant transfer of $1.72 million worth of USDC from Binance and used the funds to purchase 1.79 million Fartcoin tokens at a price of $0.96 per token [1]. This large-scale transaction, confirmed by Onchain Lens on X, indicates a bullish bet on the asset despite its recent price decline [2]. The transaction was conducted via a specific wallet address: 8BUpZser9HYAxaNQmKbeYcd3J3am2EQCwpDNKFLhKtec [3].

At the time of the whale’s purchase, Fartcoin was trading at $0.9143, representing a 3.57% decline over the past 24 hours [4]. The price had briefly climbed above $0.98 during the session but failed to sustain the momentum, eventually settling near $0.914 [5]. The token’s intraday volatility and inability to maintain higher levels have raised concerns among traders and analysts.

The daily chart of Fartcoin shows a clear double top pattern, with two previous peaks near $1.60 in June and August. Following the August high, the price reversed direction and has been in a steady decline since then, breaking earlier higher lows and retreating toward mid-August levels [6]. The current price is slightly above the critical support zone between $0.80 and $0.88, which acts as the neckline of the double top pattern [7]. This level is crucial for determining the asset’s near-term direction.

If the price falls below this support zone, the pattern suggests further declines toward key levels of $0.57, $0.35, and $0.24 [8]. These levels represent potential consolidation zones should the selling pressure continue. The chart also shows a series of weaker recovery attempts, with lower highs and lower lows following the August reversal, reinforcing the bearish structure of the pattern [9].

The market action from February through August has shown strong rallies followed by steep corrections, contributing to the formation of the double top pattern. The current alignment of Fartcoin with this technical structure suggests continued downward pressure on the price in the near term [10]. Traders are closely monitoring whether the token can hold above the $0.80–$0.88 range or if it will succumb to bearish momentum.

Source: [1] Whale Moves $1.72M Into Fartcoin as Price Drops 3.57% With a Double Top Neckline Support Formation (https://cryptonewsland.com/whale-moves-1-72m-into-fartcoin-as-price-dr/)