Fartcoin could potentially see significant gains ahead amid hype surrounding an upcoming spot listing on Coinbase.
According to data from crypto.news, Fartcoin (FARTCOIN) shot up 22% to an intraday high of $1.26 on June 10, morning Asian time, pushing its market cap past $1.23 billion, enough to flip Dogwifhat (WIF) in rankings.
Open interest in Fartcoin’s futures market also reached an all-time high of $713 million today, indicating that traders are heavily speculating on further price movements. The long/short ratio on major exchanges is also above 1, signaling more traders are betting long than short, a bullish sign overall.
Much of today’s gains followed after Coinbase confirmed plans to list Fartcoin perpetual futures on both its Advanced and International Exchange platforms, starting June 12 at 9:30 AM UTC.
Although it’s just the futures for now, traders believe a spot listing could follow, especially since Coinbase had previously added Fartcoin to its assets roadmap on June 6.
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Fartcoin price analysis
On the technical side, FARTCOIN has broken out from the upper edge of a broadening wedge pattern on the 4-hour USDT chart, a setup that’s often seen as a bullish reversal signal.
FARTCOIN 20-day and 50-day SMA chart — June 10 | Source: crypto.news
After the breakout, it seems to have found strong support in the $0.86–$0.93 zone. The 20-day simple moving average has crossed above the 50-day, forming what analysts call a golden cross, which usually suggests a continuation of upward momentum. Meanwhile, both the RSI and Stochastic Oscillator are pointing up, hinting that buying pressure is building.
FARTCOIN MACD and RSI chart — June 10 | Source: crypto.news
Technical analyst Waleed Ahmed also pointed out that FARTCOIN has broken out of a bullish Shark Harmonic pattern, which often signals a strong move to the upside.
Given this setup, the next key target appears to be around $1.38, which lines up with the 50% Fibonacci retracement level. If FARTCOIN breaks above that, bulls may aim for the $2 mark, roughly a 60% gain from current levels.
That said, there’s still some risk on the way. According to Nansen data, while the top 100 holders have been adding to their FARTCOIN bags, many smart money wallets and whales have been selling over the last 30 days. Exchange balances are also up 18%, raising concerns about a possible sell-off in the near term.
Source: Nansen
If FARTCOIN fails to stay above the important $1 psychological support, sellers could try to drag it down to $0.50, which would mean a 60% drop from where it’s currently trading.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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