- Fantom found its way onto the LunarCrush charts and won the title of ‘coin of the day’ on July 4th.
- FTM’s stats and indicators saw some significant changes pointing to a bullish narrative in the making.
Most altcoins performed in line with investor expectations as we entered the third quarter of the year. However, that was not the case with all altcoins. In the past 30 days, Fantom’s [FTM] the performance was largely affected by the bears flashing red.
But according to LunarCrush’s latest update, FTM holders may have one major reason to rejoice. As of July 4, Fantom’s FTM was named coin of the day. FTM’s social and market performance were the driving factors for FTM’s latest update.
In addition, FTM’s Galaxy Score stood at 38.5/100.
Tuesday, July 4, 2023. Fantom is Coin of the Day on LunarCrush! $ftm was automatically chosen based on leading combined social + market performance.
Galaxy Score™ 38.5/100
AltRank™ 468/4479View real time #phantom metric up https://t.co/ycuaEXG7Q2 pic.twitter.com/ff5KjHvpW5
— LunarCrush (@LunarCrush) July 4, 2023
Read Fantoms [FTM] Price Forecast 2023-24
A slow march to the bulls…
Data from the intelligence platform Santiment showed that the network growth of FTM (yellow) has shown an increase since the beginning of June. While the network’s growth was 184 at the time of writing, it did drop from its peaks of 394 over the past two days, which wasn’t a good sign for the network.
In addition, the development activity of FTM (purple) remained at 0.964. The good news of development activity was that it saw an increase from the lows it saw at the end of June. Another metric that showed some improvement was FTM’s weighted sentiment (red).
While FTM’s weighted sentiment stood at -0.852 at the time of writing, it was an uphill climb from June 12’s -1.46. An increase in weighted sentiment indicated that market sentiment was turning in favor of the altcoin.
Source: Sentiment
Where there’s a bull there’s a way…
A look at FTM’s price action showed that the bulls favored the altcoin. This was because even though FTM was trading 1.22% lower than its opening price, FTM’s indicators favored positive movement. At the time of writing, FTM’s Relative Strength Index (RSI) stood at 56.02.
This indicated some buying pressure in the market. However, the RSI’s title position could mean that FTM’s RSI could experience some selling pressure as well. In addition, The Moving Average Convergence Divergence (MACD) was moving above the zero line at press time. The good news was that the MACD line (blue) moved above the signal line (red). This was a strong bullish indication.
Realistic or not, here is the market cap of FTM in terms of BTC
Furthermore, the Chaikin Money Flow (CMF) also stood at 0.17. The CMF above the zero line indicated that FTM was in a strong position at the time of writing.
Source: TradingView
However, traders may still want to exercise caution due to FTM’s price action over the past few days. According to data from CoinMarketCap, FTM’s seven-day performance saw the token rise just 1.24%. In addition, the price of FTM fell by 0.76% in the past 24 hours.