The hot-air balloon of Fartcoin has sprung a leak. After making monthly highs, prices have been falling fast, with smart investors bailing out and exchanges reporting bucketfuls of coin. Is this a prelude to a severely stinking price plunge?
At last check Sunday, Fartcoin (FARTCOIN) traded at $1.20, down 14.35% from its highest point this month.
The fizz is going down fast on Fartcoin. According to Nansen data, there’s a sharp smart-money exodus going on, with numbers plunging to as low as 37 on Sunday from a monthly high of 44. Their collective holdings are also down: 727 million tokens now vs. 740 million from last month. Is this the beginning of the end for the meme coin, or a temporary setback before one more improbable ramp-up?
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It seems like the Fartcoin phenomenon might be capping its growth. Rumors are floated around digital winds that shrewd investors might be cashing in on this 500% rally since the lows of April. Is this the top? Smart money seems to be preparing for a severe correction in the coming weeks while it is still able to take profits.
Smart money is dumping Fartcoin | Source: Nansen
The Fartcoin alarm bells are screaming! Exchange stockpiles are surging. A jaw-dropping 174.29 million Fartcoins are choking centralized and decentralized exchanges like Raydium, Kraken, and KuCoin. That’s nearly a 10% 9.48% eruption in one single week. Is this the prelude to a massive dump?
A whopping spike in balances? Be suspicious. Think of situations where investors rush toward the exits, moving their crypto from cold storage to exchanges in readiness for shutting of sell orders.
Fartcoin price technical analysis
Fartcoin price chart | Source: crypto.news
If ever a term were to accommodate a meteoric rise in the stellar heights, Fartcoin would rank high. It shot from the meek $0.20 in March to an asinine $1.4677 this month, which only ignited further memecoin fervor in Solana. One spark took the Solana market cap from a cool $6 billion to a stupefying $15 billion overnight.
Fartcoin is price-walking a tightrope. It holds above important support levels like the 61.8% Fibonacci Retracement and the 50-day moving average, which gives bulls something to cheer about. However, there is a rising wedge pattern tucked away in the shadows, an ominous indicator that often heralds a sharp bearish reversal. Is this the prelude before yet another surge, or is it the calm before the storm?
The fate of Fatcoin hangs by a thread. Below the psychological level of $1.4677, bears take control. However, a surge above it sparks bulls charging almost straightaway towards $2. But beware: a fall below $1 is a big-show trouble.
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Thanks for reading Fartcoin starts to stink as smart money exits bearish reversal signs emerge
