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- FTM’s share price rose by almost 20% on December 14.
- This caused the price to rise to the highest level since May.
Phantom [FTM] rose rapidly on December 14, experiencing an impressive intraday rally of 18%. This surge pushed the cryptocurrency to its highest price level since May, AMBCrypto found.
At the time of writing, the altcoin was exchanging hands at $0.4224. Although it has since lost some of these gains, the FTM remained at a high of 6% over the past 24 hours, data from CoinMarketCap showed.
The demand for FTM is at its highest
Demand for FTM has risen sharply in the past week. A review of the token’s performance on a daily chart revealed the start of a new bull cycle on December 6.
On that day, the token’s Moving Average Convergence/Divergence indicator (MACD) witnessed the MACD line crossing the trend line in an uptrend.
When an asset’s MACD line crosses the trend line and an upward trend begins, it is considered a bullish signal.
This crossover suggested that the short-term moving average (MACD line) has risen above the longer-term moving average (signal line), indicating the re-emergence of bulls.
Since the bulls replaced the bears on December 6, the price of FTM has risen by more than 20%.
Since the MACD crossover, the token’s Chaikin Money Flow (CMF) has initiated an uptrend. At the time of going to press, the car was spotted at its highest level since January.
This indicator measures the amount of money flowing in and out of the asset. When the price rises in this way, more money comes into the market, which drives the price up.
Furthermore, it appears that FTM accumulation exceeded the token distribution and key momentum indicators were close to overbought highs. For example, the token’s Relative Strength Index (RSI) was 65.93, while the Money Flow Index (MFI) was 73.63.
Similarly, FTM’s balance sheet volume was at an all-time high at 19.97 billion at the time of writing. The indicator is used to measure the buying and selling pressure of an asset.
A rising OBV indicates strong buying pressure, indicating that investors are accumulating the assets. Since December 6, FTM’s OBV is up 3%.
Source: FTM/USDT on TradingView
Read Fantom’s [FTM] Price forecast 2023-24
FTM transactions generate profits
The price increase over the past week has resulted in a corresponding increase in the ratio of daily FTM trades to profit and loss.
The ratio assessed on a seven-day moving average was 2.5. This meant that for every FTM trade that made a loss in the last seven days, 2.5 trades ended in profit.
Source: Santiment