- The network activity of FTM Steeg, with new addresses with 35% and active addresses rise by 10%.
- FTM broke from a falling symmetrical triangle but is confronted with a strong resistance at $ 0.56.
Fantastic [FTM] Showed signs of strength after the outbreak of his decreasing symmetrical triangle.
FTM traded at $ 0.5425, at the time of the press, which reflects an increase of 6% in the last 24 hours. Data on chains revealed significant growth in network activity, which contributed to Bullish Momentum.
Moreover, the number of holders “in the money” has increased by 20.20%, which means that more investors now have a profit. However, the most important resistance levels are still challenges that can determine the next step of token.
FTM addresses grow, but is it enough?
At the time of writing, the network activity at Fantom was increasing, with new addresses that increased by 35% last week. This signals the growing adoption and user involvement, which is often a bullish indicator.
In addition, active addresses have risen by 10%, which strengthens the expansion of the network. However, a jump of 52.86% in zero-balance addresses suggests that some traders may be able to leave or consolidate funds.
Although this is a positive development, it can also lead to a profit, so that the momentum of FTM may be delayed. Persistent question is crucial for maintaining his current process.
Source: Intotheblock
Transaction activity is shifting, but where are the whales?
Transaction data present a mixed image. Small transactions below $ 1 have risen by 60%, indicating an increased retail activity. In addition, transactions between $ 1 and $ 10 have grown by 4.76%, which suggests an inflow of smaller investors.
However, medium -sized transactions between $ 10 and $ 100k have decreased, which shows that larger players are currently less active.
In the meantime, transactions of more than $ 1 million have completely disappeared and fall by 100%. This shift indicates that institutional and high net-worthy investors remain on the sidelines.
Source: Intotheblock
Fantom is confronted with strong resistance; Can it be breakthrough?
FTM is successfully broken from its decreasing symmetrical triangle, a bullish signal. The price now tests crucial resistance to $ 0.56, which will determine the short -term direction. If it breaks through, the following important levels to view are $ 0.85 and $ 1.43.
However, not holding above $ 0.56 can lead to a withdrawal to $ 0.40- $ 0.45. Market momentum remains for bulls, but resistance levels must be deleted for a persistent upward trend.
In the coming days will be crucial to determine whether FTM will continue its climb or continue the face rejection.
Source: TradingView
MVRV ratio is falling; Is taking a profit underway?
The MVRV -long/short difference has fallen sharply, which indicates a shift in market sentiment. When this metric decreases, this often indicates that traders who have bought lower now achieve a profit.
This can introduce the sales pressure, making it more difficult for FTM to push higher.
Moreover, if taking a profit continues, Token may have difficulty retaining his recent profit. However, if the demand remains strong, buyers could absorb the sales pressure and stimulate prices higher.
Source: Santiment
Can FTM support the rally?
Fantom shows strong bullish signals with rising network activity and an outbreak of an important technical pattern. However, reducing whalingansactions and a falling MVRV ratio suggest caution.
If FTM $ 0.56 turns around in support, it can push to $ 0.85. If you do not do this, this can lead to a retracement.
The capacity of the token to maintain resistance will determine the next step.
