- The FTM has fallen by more than 12% in the past seven days.
- Buying pressure on FTM was high, but the whales sold their holdings.
As we start the new year, Fantoms [FTM], one of the key metrics marked a buy signal. This could be the right opportunity for investors to stock up on the token before it starts a rally.
So let’s take a look at the token’s other metrics to see if investors have actually started accumulating more FTM.
Fantom’s accumulation is high!
Fantom investors were not in their best mood last week, as the token’s price fell by double digits. To be precise, the FTM has fallen by more than 12% in the past seven days.
At the time of writing, FTM was trade at $0.4864 with a market cap of over $1.3 billion.
As the price of the token fell, one of the key indicators marked a buy signal. Ali, a popular crypto analyst, recently posted a tweet mentioning FTM’s TD Sequential.
According to the tweet, the metric showed a buy signal on FTM’s 12-hour chart. If the USD 0.45 support level holds, we could see the FTM rising towards USD 0.50.
#Phantom | The WL Sequential presents a buy signal $FTM 12-hour chart. If the $0.45 support level holds, we could see it #FTM rise to $0.50, and possibly even $0.55. pic.twitter.com/uOwzBUZb80
— Ali (@ali_charts) December 31, 2023
Since the metric showed a buy signal, AMBCrypto looked at Santiment’s data to see if investors were buying the token. According to our analysis, investors were buying FTM at the time of writing.
This was clearly evident from the fact that the supply of Fantom on the exchanges fell enormously, while the supply outside the exchanges increased. The total number of investors also increased, indicating high buying pressure.
Source: Santiment
While private investors were actively buying FTM, whales were activated in a different way. The number of whale transactions has fallen over the past seven days.
Not only that, but FTM’s supply of prime addresses saw a significant drop last week, meaning the top players were selling their holdings.
Does Fantom expect a price increase?
Although the whales had less confidence in Fantom, the token’s price did gain bullish momentum in the recent past. According to CoinMarketCap, the FTM is up more than 2% in the last 24 hours alone.
To better understand whether the uptrend would continue, AMBCrypto looked at the token’s daily chart.
Realistic or not, here it is FTM market cap in terms of BTC
Our analysis showed that FTM‘s Chaikin Money Flow (CMF) rested above the neutral line. Furthermore, the Relative Strength Index (RSI) recorded an increase, increasing the likelihood of a sustained price increase.
Nevertheless, given the unpredictable nature of the crypto space, nothing can be said with utmost certainty. Fantom’s MACD showed a bearish crossover, which could spell trouble for investors in the coming days.
Source: TradingView