- FTM was down by greater than 12% within the final seven days.
- Shopping for strain was excessive on FTM, however whales had been promoting their holdings.
As we start the brand new 12 months, Fantom’s [FTM], one of many key metrics, flagged a shopping for sign. This may be the best alternative for buyers to stockpile the token earlier than it begins a rally.
Due to this fact, let’s check out the token’s different metrics to see whether or not buyers have really began to build up extra FTM.
Fantom’s accumulation is excessive!
Fantom buyers weren’t of their greatest temper final week, because the token’s value dropped by double digits. To be exact, FTM dropped by greater than 12% within the final seven days.
On the time of writing, FTM was trading at $0.4864 with a market capitalization of over $1.3 billion.
Whereas the token’s value sank, one of many key indicators flagged a shopping for sign. Ali, a preferred crypto analyst, just lately posted a tweet mentioning FTM’s TD Sequential.
As per the tweet, the metric confirmed a purchase sign on FTM’s 12-hour chart. If the $0.45 assist degree holds, we may see FTM rise towards $0.50.
#Fantom | The TD Sequential presents a purchase sign on $FTM 12-hour chart. If the $0.45 assist degree holds, we may see #FTM rise towards $0.50, and doubtlessly even $0.55. pic.twitter.com/uOwzBUZb80
— Ali (@ali_charts) December 31, 2023
Because the metric confirmed a shopping for sign, AMBCrypto took a take a look at Santiment’s information to see whether or not buyers had been shopping for the token. As per our evaluation, buyers had been shopping for FTM at press time.
This was evident from the truth that Fantom’s Provide on Exchanges registered an enormous drop, whereas its Provide exterior of Exchanges elevated. Its whole variety of buyers additionally went up, signifying excessive shopping for strain.
Supply: Santiment
Whereas retail buyers had been actively shopping for FTM, whales had been activating in another way. The variety of whale transactions dropped within the final seven days.
Not solely that, however FTM’s provide held by high addresses registered a substantial drop final week, which means that the highest gamers had been promoting their holdings.
Is Fantom anticipating a value uptick?
Although the whales had much less religion in Fantom, the token’s value did acquire bullish momentum within the latest previous. As per CoinMarketCap, FTM was up by greater than 2% within the final 24 hours alone.
To raised perceive whether or not the uptrend would proceed, AMBCrypto took a take a look at the token’s day by day chart.
Sensible or not, right here’s FTM market cap in BTC’s phrases
Our evaluation revealed that FTM’s Chaikin Cash Circulate (CMF) was resting above the impartial mark. Moreover, its Relative Power Index (RSI) registered an uptick, growing the probabilities of a continued value surge.
Nonetheless, contemplating the unpredictable nature of the crypto area, nothing may be stated with the utmost certainty. Fantom’s MACD displayed a bearish crossover, which might trigger hassle for buyers within the days to observe.
Supply: TradingView