Fantom jumps 18% – What caused the surge?
Journalist
Posted:
- FTM’s value rallied by nearly 20% on 14th December.
- This triggered its value to soar to its highest stage since Could.
Fantom [FTM] loved a meteoric rise on the 14th of December, experiencing a powerful 18% intraday rally. This surge propelled the cryptocurrency to its highest value level since Could, AMBCrypto discovered.
At press time, the altcoin exchanged fingers at $0.4224. Though it has since shed a few of these beneficial properties, FTM remained at a 6% excessive up to now 24 hours, information from CoinMarketCap confirmed.
Demand for FTM at its highest
The final week has seen a surge in demand for FTM. An evaluation of the token’s efficiency on a each day chart revealed the graduation of a brand new bull cycle on sixth December.
On that day, the token’s Shifting Common Convergence/Divergence indicator (MACD) witnessed its MACD line intersect its pattern line in an uptrend.
When the MACD line of an asset crosses above the pattern line and begins trending upward, it’s thought-about a bullish sign.
This crossover instructed that the short-term shifting common (MACD line) has risen above the longer-term shifting common (sign line), indicating the re-emergence of bulls.
Because the bulls emerged to displace the bears on sixth December, FTM’s value has elevated by over 20%.
Because the MACD crossover, the token’s Chaikin Cash Movement (CMF) has initiated an uptrend. At press time, it was noticed at its highest stage since January.
This indicator measures the amount of cash flowing into and out of the asset. Due to this fact, when it rises on this method, extra money is coming into the market, driving the worth upwards.
Additional, displaying that FTM accumulation exceeded token distribution, its key momentum indicators have been positioned near overbought highs. For instance, the token’s Relative Energy Index (RSI) was 65.93, whereas its Cash Movement Index (MFI) was 73.63.
Likewise, at 19.97 billion at press time, FTM’s On-balance quantity sat at an all-time excessive. The indicator is used to gauge an asset’s shopping for and promoting stress.
A rising OBV signifies sturdy shopping for stress, suggesting traders are accumulating the asset. Since sixth December, FTM’s OBV has gone up by 3%.
Supply: FTM/USDT on TradingView
Learn Fantom’s [FTM] Value Prediction 2023-24
FTM transactions yield revenue
The worth surge within the final week has resulted in a corresponding uptick within the ratio of each day FTM transactions in revenue to loss.
The ratio assessed on a seven-day shifting common was 2.5. This meant that for each FTM transaction that has returned a loss within the final seven days, 2.5 transactions led to a revenue.
Supply: Santiment
