Sunday, February 25

Bulls Return for Fantom’s FTM as Price Reaches 7-Month High

Fantom’s native FTM token saw a significant 18% cost rise on December 14th, moving it to highs not seen because last May. This abrupt uptick appears driven by a revival of financier interest and build-up of FTM holdings.

Keypoints

  • FTM rate rose 18% on December 14, reaching its greatest level given that May
  • The rate boost was driven by growing need and build-up of FTM tokens
  • Indicators like MACD, CMF, RSI, and OBV have actually turned bullish, indicating restored purchasing pressure
  • The ratio of rewarding to losing FTM deals over 7 days is presently 2.5 to 1
  • Fantom presented community upgrades like its gas money making program to increase activity

Analysis of crucial indications paints a photo of growing need and purchasing pressure behind FTM’s newest push upwards. On December 6th, FTM’s MACD indication went through a bullish crossover, with its short-term moving typical increasing above the longer term trendline. This indicated the return of bullish momentum.

FTM’s Chaikin Money Flow has actually climbed up into plainly favorable area, suggesting cash is streaming into the market for the token. The Relative Strength Index now likewise sits at almost overbought levels, recommending strengthened interest.

Many tellingly, FTM’s On-Balance Volume metric just recently touched an all-time record. As it determines purchasing versus offering pressure, this impressive high OBV points highly to financiers building up token holdings.

This build-up fits with success ratios. Over the previous 7 days, 2.5 lucrative FTM deals are happening for every single losing trade. With growing balances and trading success, financiers apparently have actually restored belief in Fantom’s worth proposal after months of bad efficiency.

async” src=”https://blockonomi.com/wp-content/uploads/2023/12/ftm.png” alt=”Fantom Price Chart (FTM) ” width=”825″ height=”636″/>< img decoding="async" src="https://blockonomi.com/wp-content/uploads/2023/12/ftm.png" alt="Fantom Price Chart (FTM)" width="825" height="636"/ > Fantom Price Chart (FTM)

Fantom struggled with the spillover results of the Multichain hack in summertime 2022. The disastrous make use of shattered user trust and drained pipes liquidity from Fantom’s interconnected DeFi community nearly overnight. FTM plunged from perpetuity highs as optimism vaporized.

The Fantom Foundation declined to let unfavorable winds extinguish their vision for a quick, budget-friendly and open network for next generation digital deals. Beyond emergency situation steps to support those affected, Fantom designers have actually focused energy on improving system security and presenting rewards that drive activity.

One example is a just recently released swimming pool of over 500,000 FTM tokens as grants for gas money making jobs. Such plans incentivize designers to develop on Fantom while bootstrapping adoption. If continual, this technique might naturally restore network impacts.

Evaluating from increasing financier need for FTM in current weeks, the procedure’s native token appears to be turning a corner. While more development lies ahead, positive technicals and earnings ratios back collecting optimism behind Fantom’s decentralized community for payments and decentralized financing.

For long term holders hopes of brand-new perpetuity highs feel firmer following FTM’s newest 18% single-day rise.

Oliver Dale

Editor-in-Chief of Blockonomi and creator of Kooc Media, A UK-Based Online Media Company. Follower in Open-Source Software,

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