- FTM is down more than 12% over the past seven days.
- Buying pressure was high in FTM, but whales were selling their holdings.
As the new year begins, Phantom (FTM), It displays a buy signal, one of the key indicators. This could be a decent opportunity for investors to stock up on tokens before they start rallying.
So, let’s take a look at the token’s other metrics to see if investors are actually starting to accumulate more FTM.
Phantom’s accumulation rate is high!
Phantom investors were not in a good mood last week, with the token’s price falling by double digits. To be precise, FTM is down over 12% over the past 7 days.
At the time of this writing, FTM transaction The market capitalization is $0.4864, which is over $1.3 billion.
While the token price was falling, one of the key indicators showed a buy signal. Ali, a well-known cryptocurrency analyst, recently posted a tweet mentioning FTM’s TD Sequential.
According to the tweet, the indicator showed a buy signal on FTM’s 12-hour chart. If the $0.45 support level holds, we could see FTM rising towards $0.50.
#fantasy | TD Sequential gives a buy signal. $FTM 12 hour chart. If the $0.45 support level holds, #FTM It could rise to $0.50 and potentially $0.55. pic.twitter.com/uOwzBUZb80
— Ali (@ali_charts) December 31, 2023
Since the metrics were showing buying signals, AMBCrypto looked at Santiment’s data to see if investors were buying the token. Our analysis shows that investors were buying FTM at press time.
This is evident in the fact that Phantom’s supply on exchanges has decreased significantly, while supply outside of exchanges has increased. The total number of investors has also increased, meaning that buying pressure is high.
Source: Santiment
While individual investors are actively buying FTM, whales were activated differently. The number of whale trades has decreased over the past seven days.
Additionally, the supply of FTM held by top addresses has decreased significantly over the past week. This means that top players are selling their holdings.
Is Phantom expecting prices to rise?
Whales have had little faith in Fantom, but the token price has been strong recently. According to CoinMarketCap, FTM is up more than 2% in the last 24 hours alone.
To better understand whether the upward trend will continue, AMBCrypto took a look at the token’s daily chart.
Realistic or not, the following is FTM market capitalization expressed in BTC terms
According to our analysis FTMChaikin Money Flow (CMF) remains above the neutral line. Additionally, the Relative Strength Index (RSI) recorded an upward trend, increasing the possibility of a continued price surge.
Nonetheless, considering how unpredictable the cryptocurrency space is, nothing can be said with certainty. Fantom’s MACD is showing a bearish crossover, which could spell trouble for investors going forward.
Source: TradingView