Investors stockpile Fantom: Will prices see an impact?
- FTM was down by greater than 12% within the final seven days.
- Shopping for stress was excessive on FTM, however whales have 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 could be the best alternative for traders 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 traders have truly began to build up extra FTM.
Fantom’s accumulation is excessive!
Fantom traders weren’t of their greatest temper final week, because the token’s worth 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 worth 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 stage holds, we might see FTM rise towards $0.50.
#Fantom | The TD Sequential presents a purchase sign on $FTM 12-hour chart. If the $0.45 assist stage holds, we might see #FTM rise towards $0.50, and probably even $0.55. pic.twitter.com/uOwzBUZb80
— Ali (@ali_charts) December 31, 2023
For the reason that metric confirmed a shopping for sign, AMBCrypto took a take a look at Santiment’s knowledge to see whether or not traders have been shopping for the token. As per our evaluation, traders have 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 outdoors of Exchanges elevated. Its whole variety of traders additionally went up, signifying excessive shopping for stress.
Supply: Santiment
Whereas retail traders have been actively shopping for FTM, whales have been activating in a different 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, that means that the highest gamers have been promoting their holdings.
Is Fantom anticipating a worth uptick?
Although the whales had much less religion in Fantom, the token’s worth 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.
Real looking or not, right here’s FTM market cap in BTC’s phrases
Our evaluation revealed that FTM’s Chaikin Cash Movement (CMF) was resting above the impartial mark. Moreover, its Relative Power Index (RSI) registered an uptick, growing the probabilities of a continued worth surge.
Nonetheless, contemplating the unpredictable nature of the crypto area, nothing may be mentioned with the utmost certainty. Fantom’s MACD displayed a bearish crossover, which may trigger bother for traders within the days to comply with.
Supply: TradingView
