- While positive sentiment around the token improved, the price action was against investor interest.
- Fantom’s market indicators also continued to favor the bears.
Phantom [FTM] recently made a remarkable achievement. It was one of six chains to repeatedly appear in the top 10 by DEX volume since March 2021, when cryptocurrencies first witnessed new ATHs. While investor willingness to trade FTM remained high, the price of the token did not match. This was evident from the weekly price action.
Realistic or not, here it is FTM market cap in BTC‘s conditions
Analyzing Fantom’s performance
Nick.ftm, a popular Twitter user, recently revealed in his tweet that Fantom has been running smoothly since its emergence as a top tier 1 with huge DEX volume (good measure of real users/usage), and is one of the good companies. The tweet also mentioned that the Fantom Foundation treasury is diversified across various crypto and non-crypto assets.
The biggest impact was on the value of the multi-tokens held long term. According to the tweet, the foundation will continue to develop and grow the ecosystem for the long term.
Out of a list of 112 blockchains, only 6 chains appear repeatedly (80%+) in the Top 10 by DEX volume since March 2021, when crypto first saw new ATHs.#Phantom is one of them.
The others are Ethereum, Polygon, BSC, Avalanche, and Arbitrum.
This next sentence applies to the above… pic.twitter.com/91LCYMv8Xk
— Nick.ftm (@Nick_SR5) July 21, 2023
While this performance looks optimistic, the token’s price action was off when it turned bearish. According to CoinMarketCapthe price of the token fell more than 6% in the past seven days, which was bearish.
At the time of writing, it was trading at $0.2554 with a market cap of over $715 million. The 4-week volume and price volatility plummeted last week, suggesting that investors were unwilling to trade the token.
Source: Sentiment
How is Fantom doing in the market?
Despite the negative price action, a few metrics looked bullish on the token. For example, the supply of the token on exchanges fell, while the supply outside the exchanges increased.
This was a bullish statistic, suggesting an increase in price. Positive sentiment around the token has also spiked in recent weeks, reflecting investor confidence in it FTM.
Source: Sentiment
Read Phantoms [FTM] Price prediction 2023-24
Moving forward
A look at Fantom’s daily chart suggested that investors may have to wait longer for an uptrend as most market indicators remained bearish.
For example, the token’s Money Flow Index (MFI) was well below the neutral mark. FTMChaikin Money Flow (CMF) also registered a downtick, further increasing the likelihood of a sustained downtrend. In addition, the Exponential Moving Average (EMA) ribbon remained in the sellers; favor.
Source: TradingView
