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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.
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.
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.
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.
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.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.