Will Fantom’s network activity help FTM beat the bears?
- Fantom’s community exercise remained excessive as its distinctive addresses climbed.
- Market indicators advised the opportunity of a pattern reversal.
Fantom [FTM] buyers have had a tricky time over the previous couple of days because the token’s worth sank. This occurred at a time when the blockchain registered promising progress by way of its community exercise.
Nevertheless, will excessive community exercise be sufficient for FTM to color its chart inexperienced?
Fantom’s charts are purple!
The final week was considerably unlucky for Fantom because it shed its worth in double digits. In line with CoinMarketCap, FTM was down by greater than 23% previously seven days.
Within the final 24 hours alone, the token’s worth plummeted by 8.5%. On the time of writing, Fantom was buying and selling at $0.3694 with a market capitalization of over $1 billion.
Since FTM’s worth sank considerably, AMBCrypto checked investor conduct. Our evaluation of Santiment’s knowledge revealed that FTM’s Provide on Exchanges elevated within the final week, whereas its Provide outdoors of Exchanges dropped.
This indicated that FTM was below promoting strain at press time.
Supply: Santiment
Whale confidence in FTM additionally appears to have dwindled, as each its provide held by high addresses and Whale Transaction Depend dropped final week.
It was fascinating to notice that, as per Whalestats, Fantom ranked twenty seventh on the record of the cryptos that the highest 100 ETH whales offered within the final 24 hours.
Fantom’s adoption elevated in 2023
Whereas the token bled, Fantom Insider posted a tweet revealing one among Fantom’s 2023 achievements. The tweet talked about that FTM was solely behind Polygon [MATIC] and BNB Chain [BNB] by way of distinctive addresses of EVM blockchains in 2023.
To be exact, FTM may have had over 128 million new distinctive addresses in 2023.
Regardless of the unhealthy market situation in 2023, @FantomFDN has been rising and shining like a phoenix from the ashes 📈
👻 #Fantom has had 128M+ new distinctive addresses in 2023 and is ranked in third place in comparison with different high EVM blockchains 🎉
😍 With the mainnet launch of… pic.twitter.com/oA27loqrtf
— Fantom Insider (@fantom_insider) January 7, 2024
Because the blockchain plans to launch its Fantom Sonic mainnet in 2924, issues can get even higher. As of now, AMBCrypto’s evaluation of Artemis’ data revealed that FTM’s day by day lively addresses spiked on the sixth of January 2024.
After a drop, the blockchain’s day by day transactions additionally gained upward momentum, which appeared promising. Nevertheless, Fantom’s TVL continued to say no all through the final week.
Supply: Artemis
FTM’s excessive community exercise may not directly have a optimistic influence on the token’s worth motion quickly. Our take a look at CryptoQuant’s data revealed that FTM’s Relative Energy Index (RSI) was within the oversold zone.
Learn Fantom’s [FTM] Worth Prediction 2024-25
This will enhance shopping for strain, inflicting FTM’s worth to rise.
The token’s Cash Move Index (MFI) was additionally about to enter the oversold zone. Moreover, its Chaikin Cash Move (CMF) registered an uptick, rising the probabilities of a northbound worth motion within the days to comply with.
Supply: TradingView
